Oil rose on Wednesday, paring earlier losses after fresh comments from Russia about its openness to talk with OPEC over output cuts helped revive hope among investors that the world’s largest producers could act to boost prices.
Russian Foreign Minister Sergei Lavrov said if there is consensus among the Organization of the Petroleum Exporting Countries and non-OPEC members to meet, “then we will meet”.
This helped push the price of oil, which had been set for a third day of declines after data on Tuesday showed another big build in U.S. inventories, off the day’s lows.
Oil rose on Wednesday, paring earlier losses after fresh comments from Russia about its openness to talk with OPEC over output cuts helped revive hope among investors that the world’s largest producers could act to boost prices.
Russian Foreign Minister Sergei Lavrov said if there is consensus among the Organization of the Petroleum Exporting Countries and non-OPEC members to meet, “then we will meet”.
This helped push the price of oil, which had been set for a third day of declines after data on Tuesday showed another big build in U.S. inventories, off the day’s lows.
Brent for April delivery rose 99 cents, or 3 percent, to $33.71 a barrel by 9:05 a.m. ET, pulling away from a session low of $32.30. U.S. crude futures rose 86 cents, or 2.8 percent, to $30.74, off a session low of $29.40.
“Is there going to be a meeting between Russia and OPEC? That is a supportive factor in this rally that we’ve seen in the last one hour,” PVM Oil Associates analyst Tamas Varga said.
via Reuters/CNBC
