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Oil jumps ahead of 'make-or-break' OPEC meeting

Thursday, 9 April 2020 20:35 WIB

Minyak WTI

Oil prices moved higher on Thursday, ahead of a pivotal meeting in which OPEC and its allies, known as OPEC+, will discuss historic production cuts as the coronavirus pandemic continues to sap demand for crude.

U.S. West Texas Intermediate traded 5.3%, or $1.34, higher at $26.43 per barrel, while international benchmark Brent crude rose 3.5% to $33.98 per barrel.

Some of the gains were pared after a Kremlin spokesman said Russian President Putin had no plans to discuss oil policy with President Donald Trump, according to a report from Reuters. Saudi Arabia also reportedly said any output cut would be from the elevated production levels it reached this month, according to Reuters citing a source briefed on Saudi Policy.

Source: CNBC

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