Oil gives up gains even as OPEC works on big output cut - Reuters:
Crude oil prices ended lower, giving up early gains as major oil producers, including Saudi Arabia, struggled to bring Russia on board for deeper supply cuts to try to offset a slump in demand caused by the coronavirus outbreak.
As the outbreak has spread, oil has dropped sharply, and rebounds have been short-lived. Brent crude futures LCOc1 settled down 73 cents, or 1.4%, to $51.13 a barrel, after reaching a high of $53.03 in the morning. U.S. West Texas Intermediate (WTI) CLc1 ended down 40 cents to $46.78 a barrel.
Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries are seeking to persuade Russia to join in large additional oil output cuts to prop up prices. The group, known as OPEC+, has already cut 2.1 million bpd in supply, helping to shore up the price of crude.
The group wants to cut at least 1 million more bpd in supply from the market, OPEC sources told Reuters. Russia, which is not an OPEC member, is known for holding out on such deals until the last minute. As of Wednesday, a panel of several ministers from the group had not locked down an agreement.
Crude oil prices ended lower, giving up early gains as major oil producers, including Saudi Arabia, struggled to bring Russia on board for deeper supply cuts to try to offset a slump in demand caused by the coronavirus outbreak.
As the outbreak has spread, oil has dropped sharply, and rebounds have been short-lived. Brent crude futures LCOc1 settled down 73 cents, or 1.4%, to $51.13 a barrel, after reaching a high of $53.03 in the morning. U.S. West Texas Intermediate (WTI) CLc1 ended down 40 cents to $46.78 a barrel.
Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries are seeking to persuade Russia to join in large additional oil output cuts to prop up prices. The group, known as OPEC+, has already cut 2.1 million bpd in supply, helping to shore up the price of crude.
The group wants to cut at least 1 million more bpd in supply from the market, OPEC sources told Reuters. Russia, which is not an OPEC member, is known for holding out on such deals until the last minute. As of Wednesday, a panel of several ministers from the group had not locked down an agreement.
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