Brent reverses losses to rise above $30/bbl in early European trading - Reuters:
Benchmark Brent crude oil futures reversed losses incurred during Asian hours in early European trading on Friday to rise above $30 a barrel, with hopes of a huge global supply cut deal to support prices still alive.
Brent crude LCOc1 futures were up 7%, or $2.10, at $32.04 per barrel by 0748 GMT. Brent soared as much as 47% during Thursday’s session, its highest intraday percentage gain ever, before closing 21% higher, but still at less than half the $66 it was trading at at the end of 2019.
U.S. West Texas Intermediate (WTI) crude CLc1 also moved back into positive territory, rising 1%, or 28 cents, to $25.6 a barrel, after surging 24.7% on Thursday.
U.S. President Donald Trump said on Thursday he had brokered a deal which could see Russia and Saudi Arabia cutting output by 10 to 15 million barrels per day (bpd) - an unprecedented amount representing 10% to 15% of global supply. Trump said he had made no offer to cut U.S. output.
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