Oil’s freefall halted by hope OPEC and allies will take action
Expectations the OPEC+ alliance will deepen output cuts put a floor under last week’s 16% plunge in oil prices, with futures in New York rebounding even as the coronavirus continued to spread rapidly.
BY SHARON CHO, BLOOMBERG NEWS
Russia is ready to cooperate to support the world oil market, even though it’s comfortable with current prices, President Vladimir Putin said Sunday. That acted as a brake on plunging crude prices after a Chinese manufacturing gauge released over the weekend came in at a record low, undershooting already weak expectations and highlighting the mounting economic impact of the virus.
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