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Oil prices jump as focus swivels to OPEC, Russia meeting on output cuts


Wednesday, 8 April 2020 09:04 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic.

Brent crude (LCOc1) was up by 72 cents, or 2.3%, at $32.59 per barrel by 00:44 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude (CLc1) rose $1.30, or 5.5%, to $24.93 a barrel after dropping 9.4% in the previous session.

Thursday's meeting between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is widely expected to be more successful than their gathering in early March. That ended in failure to extend cuts and a price war between Saudi Arabia and Russia amid slumping demand.

Source : Reuters


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