Oil prices jump on hopes for OPEC, Russia meeting on output cuts

7 Apr by Vitaliy Dadalyan

Oil prices jump on hopes for OPEC, Russia meeting on output cuts

Oil prices jump on hopes for OPEC, Russia meeting on output cutsOil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic. Brent crude was up by 75 cents, or 2.4%, at $32.62 per barrel by 0246 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude rose $1.30, or 5.5%, to $24.93 a barrel after dropping 9.4% in the previous session.