Crude oil prices on Tuesday surged about four per cent after the United States inventory data showed a drop in stocks to nearly a two-decade low as crude imports into the US Gulf Coast slid last week due to Tropical Storm Hermine.
This is coming as the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammed Barkindo, will today in Paris, France, meet the oil ministers of Saudi Arabia and Algeria as part of the renewed efforts to secure a global agreement to cut crude oil production to ensure the recovery of prices.
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