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1st LD Writethru: Crude prices rise amid output freeze deal

Xinhua, April 13, 2016 Adjust font size:

Oil prices extended gains Tuesday as Saudi Arabia and Russia have reached an agreement on crude output freeze.

At least 16 crude production countries will attend the meeting in Doha, Qatar, this Sunday to discuss freezing crude output at January levels.

Saudi Arabia and Russia reached a consensus to cap the crude production during talks between the two nations Tuesday, according to a report from Russia's Interfax news agency.

Hopes of an agreement have influenced the market since Saudi Arabia, Russia, Venezuela and Qatar said on Feb. 16 they would freeze oil production at January levels if other producers joined the move.

The West Texas Intermediate for May delivery moved up 1.81 U.S. dollars to settle at 42.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 1.86 dollars to close at 44.69 dollars a barrel on the London ICE Futures Exchange. Endit