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.
Photo: Sergei Karpukhin/Reuters/Ritzau Scanpix
Photo: Sergei Karpukhin/Reuters/Ritzau Scanpix
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.

Already a subscriber?Log in here

Read the whole article

Get access for 14 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
Must contain at least 6 characters
Must contain at least 2 characters
Must contain at least 2 characters

Get full access for you and your coworkers

Start a free company trial today

Share article

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Further reading