Brent gained 3.64% to $31.03, WTI fell 0.83% to $25.11.

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day

"It's impossible to take measures to reduce OPEC+ production by 20 million b/d, this is probably half of all countries' total production," Novak said

Russian energy minister Alexander Novak said a coordinated OPEC+ production cut would not be enough to compensate for the fall in demand caused by the coronavirus pandemic, which he said could reach 20 million b/d.

Urals crude, Russia’s export blend, is now trading firmly below $20 a barrel, a level which could equate to a budget deficit of 2% of gross domestic product this year,

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $39.9 billion in February, down $5.5 billion from $45.5 billion in January, revised.

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Brent was up 10.75%, or $2.66, to $27.40, WTI rose 10.09% or $2.05, to $22.36.

Saudi Arabia is following through on its threat to flood the market, after Russia last month rejected a Saudi-led OPEC proposal for significant production cuts to backstop already sliding oil prices from the coronavirus pandemic's impact on the global economy.

Podcast/Audio - US lawmakers from oil-producing states are trying to increase pressure on the White House to do something to help drillers getting hammered by plummeting prices -- from aggressive diplomacy to banning crude imports.

U.S. Commercial crude stocks jumped 13.83 million barrels to 469.19 million barrels during the week

Oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years,

The falling cost of making hydrogen from wind and solar power offers a promising route to cutting emissions in some of the most fossil fuel dependent sectors of the economy, such as steel, heavy-duty vehicles, shipping and cement.

Brent was down $1.45, or 5.5%, at $24.90. WTI was down 27 cents, or 1.3%, at $20.21.

The discussions between Washington and Moscow mark a new twist in global oil diplomacy since a failed deal earlier this month between the Organization of the Petroleum Exporting Countries and Russia to cut production ignited a price war that sent oil prices tumbling.