Oil spikes as Saudi Arabia, Russia move closer to output deal Oil prices rallied sharply Thursday morning as Russia and Saudi Arabia reportedly moved closer to an agreement on production cuts. Brent crude oil, the international benchmark, rose 6.7 percent to $35.04 a barrel while West Texas Intermediate, the U.S. benchmark, climbed 12.7 percent to $28.28. More on this For more news, please go to FoxBusiness.com and watch Fox Business Network.

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