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2020-03-04 10:05:00

OIL PRICE: NOT ABOVE $53

OIL PRICE: NOT ABOVE $53

REUTERS - MARCH 4, 2020 - Oil prices jumped 1.5% on Wednesday on hopes that major producers have made progress towards sealing an agreement to implement deeper output cuts aimed at offsetting the slump in demand caused by the global coronavirus outbreak.

Brent crude LCOc1 rose by 78 cents, or 1.50%, to $52.64 a barrel at 0502 GMT, after settling down 4 cents in the previous session. U.S. West Texas Intermediate (WTI) futures CLc1 rose by 72 cents, or 1.53%, to $47.90 a barrel, up for a third session.

A panel of the Organization of Petroleum Exporting…

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