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

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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