Oil prices rose on Thursday on expectations the world's leading crude producers will overcome obstacles at a meeting later in the day that have so far prevented a deal to cut output in response to a collapse in global demand.
LONDON - Oil prices rose on Thursday on expectations the world’s leading crude producers will overcome obstacles at a meeting later in the day that have so far prevented a deal to cut output in response to a collapse in global demand.
U.S. West Texas Intermediate crude CLc1 futures were up 4.8%, or $1.2, at $26.29 a barrel, after earlier hitting a session high of $26.67 a barrel. Such a sizable reduction would be far bigger than any OPEC has agreed before but Russia has insisted it will only reduce output if the United States joins the deal.
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