Oil futures rise on hopes of production cuts

Financial Post | Apr 8, 2020 at 8:22 PM
  • Oil futures strengthened late in the session on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement on Thursday.
  • Thursday’s video conference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia – a group known as OPEC+ – was expected to be more successful than their gathering in March.
  • Russia is ready to cut its oil output by 1.6 million barrels per day, TASS news agency reported, citing an unnamed Energy Ministry official the day before the online conference.