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Additionally, Saudi Arabia pressed on by increasing some crude prices by the most in at least two decades.
Early gainers included Noble Corp (NYSE:NE)., which rose over 150%. Extraction Oil & Gas Inc. gained 90%, while Whiting Petroleum (NYSE:WLL) Corp. added over 60%.
Oil’s rally cooled after nearing $43 a barrel in London. “The extension was expected and anticlimactic,” Piper Sandler (NYSE:PIPR) analyst Bill Herbert told clients in a note.
“The complexity factor associated with oil continues to be exceedingly elevated,” he added.
©2020 Bloomberg L.P.
