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Canadian stocks and global oil prices were up in morning trading Tuesday on reports of a consensus between Russia and Saudi Arabia to freeze oil output.

West Texas crude futures traded as high as $41.36 in trading before 11 a.m. ET, a 2.4 per cent increase from Monday’s close.

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On Tuesday morning, the Interfax news agency reported Saudi Arabia and Russia have reached a consensus on an output freeze, citing an unidentified “informed diplomatic source” in Doha. Saudi Arabia will make a final decision regardless of Iran’s position, according to Interfax. OPEC members will meet with other major producers, including Russia, to discuss capping production in the Qatari capital on April 17.

“The market has clearly shifted to the view that an agreement will be reached,” said Mike Wittner, head of oil markets at Societe Generale SA in New York. “There are talks going on behind the scenes, and occasionally we get bits of information. People are going to trade on these bits of news.”

“The headlines about a Saudi-Russian agreement are obviously what’s sending prices higher,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $3.4 billion. “Any agreement is being seen as bullish.”