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    Oil Prices Jump as Producers Agree to Freeze Supply Levels

    They’re plugging the leak. Major oil producers agreed today to limit production to January levels, the mere speculation of which saw the global Brent benchmark increase 40 cents to $33.84 a barrel. Saudi Arabia, Russia, Venezuela and Qatar agreed to slow production if other major producers follow suit. The Saudi oil minister called their meeting a success, noting that because the world’s oil supply is already dipping thanks to current prices, a freeze on last month’s production levels should be “adequate.” But OZY’s Steve Butler says it’s just a first step and that “much harder ones will be needed to have any lasting impact.”

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