Oil’s rally fizzled following a report that OPEC members are exploring the idea of exempting Russia from its oil-production deal, which could open the door for other producers to pump more oil.
West Texas Intermediate futures in New York shed nearly all of its gains to settle under $115 after earlier rising almost $5. Exempting Russia from oil-production targets could potentially pave the way for Saudi Arabia, the UAE and other producers in the cartel to pump more crude, the Wall Street Journal reported.
