News just out.
Russia's state-owned oil pipeline company Transneft said Russia and the Organization of the Petroleum Exporting Countries will discuss possible oil output cuts, Reuters reported Wednesday, citing Russian news agency TASS. Prices for oil had already turned higher in the wake a U.S. report that showed a hefty weekly increase in crude supplies, but also revealed a fall in domestic oil production. March West Texas Intermediate crude CLH6, +2.83% was up 93 cents, or 3%, at $32.38 a barrel on the New York Mercantile Exchange. March Brent LCOH6, +3.62% on the ICE Futures exchange added $1.18, or 3.7%, to $32.98 a barrel.
At the moment, oil prices have turned green.
Fingers crossed these majors have come to their senses....
Russia and Opec to meet
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