Oil prices jump on hopes for OPEC, Russia meeting on output cuts

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Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.

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FILE PHOTO: A maze of crude oil pipes and valves pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S., June 9, 2016. REUTERS/Richard Carson/File Photo

Thursday’s videoconference meeting between members of the Organization of Petroleum Exporting Countries and its allies, including Russia, is widely expected to be more successful than their gathering in early March. That ended in failure to extend cuts, and a price war between Saudi Arabia and Russia amid slumping demand.

“Saudi Arabia and Russia continue to hammer out a deal ... What is clear is that the United States must be involved,” ANZ Research said in a note.

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It's just stupid right now that we have to resolve this during a crisis. Nobody's driving anyway. These are not normal times. There's a huge glut in world crude supplies.

To at least 99% of the people who see news about the price of oil it doesn't matter They can do nothing about - They will use what they need Yet, it's always big news

very rude oil!

Oil cuts already baked in at $32. Only downside from here

This is so stupid, everyone is acting as if MBS and Putin were not aware what would happen when they canceled output cuts ... They are clearly playing to set OPEC++ table with USA producers accepting their quotas decided by OPEC+

In an artificial way. They're the price per barrel. No one consumes. The same thing makes it up. Losses wipe out U.S. production by water pressure

If we have plenty of oil, why are we still building oil pipelines during a pandemic?

it's a star trek future with oligarch's enslaving whole new worlds for an amazon/walmart widget profit margin.

🤡 🔪

National lockdown, car usage down by 40% and gas prices will magically go up 🤔

No hope.

Translation - expect gas prices to somehow go up during a nation wide lockdown.

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