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Crude Oil Futures Rebound, End Sharply Higher

Crude oil futures rallied sharply on Thursday, amid speculation oil producers may consider reducing output, aiming to drain global oil inventories.

A steady yuan and a rally in stock markets too supported oil's uptick.

West Texas Intermediate crude oil futures for September ended up $1.45, or 2.84%, at 52.54 a barrel.

Crude oil futures hit their lowest levels since early 2019 on Wednesday after data from Energy Information Administration showed a significant jump in U.S. crude stockpiles in the week ended August 2, after seven successive weeks of declines.

On Wednesday, WTI crude oil futures for September ended down $2.54, or 4.7%, at $51.09 a barrel.

Brent crude futures were up by about $1.30 at $57.54 a barrel around mid afternoon.

According to reports, Saudi Arabia, which is likely to keep its oil exports below 7 million barrels a day in August and September, has called oil producers for a discussion on the slide in crude prices.

Saudi Arabia plans to keep its crude oil exports below 7 million barrels per day in August and September despite strong demand from customers, to help drain global oil inventories and bring the market back to balance, reports said, citing a Saudi oil official.

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