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Oil prices rose on comments from Russian President Vladimir Putin and better then expeted ISM data.
Vladimir Putin said Russian oil companies had agreed not to raise oil production this year, but made no mention of any producer-coordinated output cuts. He added it was Moscow's task to ensure stability in the Russian oil industry and that weak oil prices had been a result of a global economic slowdown and speculative deals.
Oil got support from signs that a global supply glut is easing are beginning to emerge. Exports from Iraq's southern fields dropped in February to an average of 3.225 million bpd, the country's oil ministry said.
The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Tuesday. The index rose to 49.5 in February from 48.2 in January. Analysts had expected the index to increase to 48.5.
WTI for delivery in April climbed 2.04% to stand at $34.27 a barrel. Brent for May advanced 1.53% to $37.13 a barrel compared with yesterday's close.
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