Oil Rises on Hopes Russia Will Agree to OPEC+ Production Cut

OPEC+ committee recommends 600,000 b/d supply reduction
WTI pares gains after Russia asks for time to decide on cuts

Goldman's Currie Sees Worst Oil Demand Shock in a Decade

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By Jackie Davalos

February 5, 2020 at 11:14 PM UTC

Updated on

February 6, 2020 at 9:01 PM UTC

This article is for subscribers only.

Oil advanced for a second day on hopes that OPEC and its allies would further curb oil production as the deadly coronavirus outbreak hits global energy demand.

Futures climbed 0.4% in New York on Thursday after a panel of technical experts from the Organization of Petroleum Exporting Countries recommended cutting output by an additional 600,000 barrels a day. But Russia remained noncommittal, asking for more time to decide.