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Oil Halts Two-Day Slide on Report of Russia Pushing for Oil Cuts

  • Dollar’s rising strength pared some of crude’s gains
  • Russia’s push to cut OPEC output comes as trading bans loom
Updated on

Oil rallied after a report that Russia will advocate for OPEC+ nations to cut production, heightening supply concerns as deadlines to implement Russian fuel bans approach. 

West Texas Intermediate rose 2.3% to settle above $78 a barrel. Futures earlier rose almost 4% after Reuters reported Russia is expected to push for production cuts at OPEC’s next meeting. A strengthening dollar and a reminder from Federal Reserve members that more rates hikes are likely in order to slow inflation tamped down the rally.