Oil Climbs With Russia in Talks on Delaying OPEC+ Output Hike
- WTI rises after dropping as much as 6% to a 5-month low
- Earlier, rising Libyan output and lockdowns weighed on market
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Oil rose the most in more than three weeks as Russian producers met with Energy Minister Alexander Novak to discuss the possibility of delaying an easing of OPEC+ output cuts by three months.
U.S. benchmark crude futures gained 2.9%, bouncing back from an abrupt plunge to a five-month low earlier in the session. The OPEC+ alliance, led by Russia and Saudi Arabia, was already considering postponing the supply increase planned for January as crude prices faltered amid renewed lockdown measures.