Oil Holds Gains While Russia Ponders OPEC Output-Cut Proposal - Bloomberg:
Oil advanced from a one-year low even as Russia kept OPEC+ waiting on a decision about whether to cut production in response to the coronavirus outbreak.
Futures climbed as much as 2.3% in New York on Tuesday, following equities higher. Energy Minister Alexander Novak said that Moscow is “studying” the OPEC+ output-cut plan after days of hesitation, calling the situation “extremely unstable.” Novak is set to meet with Russia’s oil companies on Wednesday.
“We’re seeing some optimism given Russia is still looking at the proposal,” said Bob Yawger, futures director at Mizuho Securities USA. “They’re not saying no outright."
No comments:
Post a Comment