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UPDATE: Oil Prices Jump
Petroleum futures gained 8% on Friday, their biggest daily advance in more than two years.
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Petroleum futures gained 8% on Friday, their biggest daily advance in more than two years.
The international and U.S. benchmarks, Brent crude and West Texas Intermediate, settled on Friday at $52.99 and $48.24, respectively.
Traders, who say prices are likely to remain volatile, had been expecting continued weakness. They attribute today's surge to news that U.S. oil shale producers are cutting back production because output is no longer profitable. But some analysts remain skeptical that the price rally will last.
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