Brent lifts 1.5% as Opec+ panel recommends additional 1-million bpd output cuts
Singapore — 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.
That would be in addition to 2.1-million bpd in current output cuts that include a 1.7-million bpd in curbs by Opec+ and other voluntary reductions by Saudi Arabia, the world’s biggest exporter. The group is set to meet formally in Vienna on March 5-6. Crude inventories rose by 1.7-million barrels in the week to February 28 to 446.6-million barrels, compared with analysts’ expectations for a build of 2.6-million barrels.
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