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Traders are alert awaiting for a meeting between major producers, who are scheduled to discuss a potential production freeze this weekend. More than a dozen major producers, including Saudi Arabia and Russia, are set to discuss measures to limit production in a bid to support prices. Many analysts are skeptical about the outcome of the talks.
On Friday, traders were also digesting news that China’s economy, the world’s second biggest oil consumer, slowed further in the beginning of the year.