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Oil Extends Rally as OPEC Cuts Output, Russia Mulls Reduction

  • OPEC cuts current output limits by 2 million barrels a day
  • Russia may temporarily cut production: deputy prime minister
Bloomberg business news
WATCH: Will OPEC+ go big on a production cut? Manus Cranny reports from Vienna.Source: Bloomberg
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Oil rallied for a third day after OPEC+ agreed to the largest supply cut since 2020 and Russia warned it may reduce its own output even further. 

West Texas Intermediate futures settled close to $88 a barrel after members of the producer group agreed to slash as much as 2 million barrels a day from current output limits. Meanwhile, Russia may impose a temporary production cut in response to efforts by the US and others to cap the price of Russian oil, Deputy Prime Minister Alexander Novak said. He reiterated that the nation would not sell oil to countries that capped prices.