Hopes of deal on Opec output cuts keeps oil near $32 a barrel

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries sits outside its headquarters ahead of the OPEC and Non-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

Thursday's video conference meeting between Opec and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia. Crude has collapsed in 2020 because of a slide in demand due to the coronavirus outbreak and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.

The US department of energy said on Tuesday US output was already declining, without government action.

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