Oil pared gains as an OPEC+ committee agreed on a required level of output cuts, but didn't reach a decision on an emergency meeting as Russia resisted.
The panel recommended a production cut of 600,000 barrels a day to offset the demand impact from the coronavirus outbreak. Following three days of discussions in Vienna, there was no agreement on if ministers from OPEC and its allies should meet this month to ratify the Joint Technical Committee’s suggestion. Russian Energy Minister Alexander Novak reiterated on Thursday that his country needs more time to assess the impact of the outbreak.
West Texas Intermediate crude advanced 0.9% to $51.21 a barrel on the New York Mercantile Exchange as of 11:46 a.m. London time, after earlier gaining as much as 2.9%. Brent was 0.2% higher at $55.39.
Source : Bloomberg