Oil Climbs After Russia Signals Willingness to Cut Production
- U.S. reports record crude build in weekly storage report
- WTI futures rise but physical market still in dire health
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Oil posted its first gain of the week just before the world’s top producers meet to discuss potential output cuts against of backdrop of demand destruction from the coronavirus.
Futures in New York rose 6.2% on Wednesday after a volatile session that saw prices rise as much as 12%. Oil is drawing support from investors who are focused on plans being ironed out by Saudi Arabia and Russia for a global supply-curb agreement at the OPEC+ emergency virtual meeting on Thursday. Russia earlier said it is ready to cut oil production by 1.6 million barrels a day, or 14% of its output.