Oil futures higher on production cut hopes as inventory build limits gains

Financial Post | Apr 8, 2020 at 4:59 PM
  • Crude prices edged up on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement, but surging U.S. crude inventories muted the gains.
  • Thursday’s videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia was expected to be more successful than their gathering in March.
  • U.S. West Texas Intermediate (WTI) crude rose 45 cents to $24.08 a barrel, after trading as high as $25.29 a barrel.