- $4 gained Wednesday as investors look forward to OPEC and its allies meeting later this week to discuss potential production cuts amid the coronavirus pandemic.
- $4 spiked as much as 12% to $26.45 per barrel on Wednesday while $4 gained nearly 4% to $33.87 per barrel.
- Oil prices have tanked as the coronavirus outbreak has cratered supply while a price war between Saudi Arabia and Russia threatened to boost demand.
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$4 gained Wednesday on hopes that Saudi Arabia and Russia will soon agree to a historic production cut, lowering supply as demand craters amid the coronavirus pandemic.
$4 spiked as much as 12% to $26.45 per barrel on Wednesday before paring some of those gains to trade about 8% higher. International benchmark $4 gained nearly 4% to $33.87 per barrel the same day.
Oil prices have plummeted with demand amid the coronavirus pandemic, which has led to canceled non-essential travel around the world. At the same time, a price war between OPEC and Russia threatened to boost supply to record levels.
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The US Energy Information Administration on $4 and said it would again be a $4 in a move that could pave the way for a global deal to reduce oil production.
Now, all eyes are on OPEC and its allies as they work on the details of what could be a historic production cut plan. The group will meet virtually on Thursday and Friday and is reportedly considering slashing output $4.
The meeting was originally scheduled to take place Monday but was postponed as a dispute between Russia and Saudi Arabia intensified, $4.
Still, Russia is skeptical of US involvement in the deal as the output decline proposed is being driven by market forces, $4
Despite recent gains, $4
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