Oil prices extended gains Thursday after Russia signalled it was ready to cut output before a key producers’ meeting aimed at boosting energy markets as the coronavirus pandemic strangles demand.
US benchmark West Texas Intermediate rose 4.6 per cent to $26.26 a barrel, while Brent crude, the international benchmark, jumped 2.7 per cent to $33.73.
Oil exporting group OPEC, led by top producer Saudi Arabia, and others — including Russia — will meet via video conference later Thursday and expectations are growing they will agree to reduce output to support prices.
Prices are at near-two-decade lows with travel restrictions and lockdowns around the world throttling demand, and Riyadh and Moscow locked in a vicious price war.
