Crude Oil Caps Second Weekly Gain Amid Output Cut Speculation
- Coordinated action only possible if all exporters agree: Novak
- Bank of Japan’s monetary stimulus boosted economic confidence
Russia's Novak: No Confirmed OPEC, Non-OPEC Meeting
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Oil capped a second weekly gain amid speculation that OPEC and Russia will meet to discuss trimming crude production to bolster prices.
Russian Energy Minister Alexander Novak said that while OPEC member Venezuela proposed a meeting next month, nothing is scheduled. Russia, after months of insisting it was happy to keep pumping at full throttle, suggested in recent comments it is open to compromise with the Organization of Petroleum Exporting Countries. Equities climbed as the Bank of Japan’s unexpected monetary stimulus boosted confidence that central banks remain vigilant for slowing economic growth.