Crude rose to top $ 47 per barrel, encouraged by US February retail sales data and ahead of a weekend OPEC meeting to consider a fourth production cut.
Nymex crude gains 11% to $ 47/bbl due to speculation that OPEC may cut output for the 4th time. US retail sales numbers are better than expected. Equity markets saw gains for 3rd day. There are rumors of Russia may cut the output. Near-term range for crude is seen between $ 42-49/bbl.
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