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Oil Zig Zags Near $50

Crude oil futures rose Tuesday morning, rebounding above $50 a barrel as the dollar wobbled versus major rivals.

WTI light sweet oil was up 40 cents at $50.28 a barrel.

OPEC said it wants US producers to take share responsibility for the supply global supply glut by cutting output from shale fields.

On the economic front, Redbook, the weekly measure of comparable store sales at chain stores, discounters, and department stores, will be published at 8.55 am ET. In the prior week, the stores sales were up 4.1 percent.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak at Regional Economic Conditions Conference in Minneapolis at 10.00 am ET.

Dallas Federal Reserve Bank President Rob Kaplan will participate in a moderated Q&A session at Stanford Institue for Economic Policy Research Associates Meeting in Stanford, with audience and media Q&A at 8.00 pm ET.

by RTTNews Staff Writer

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