Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian producers said they are ready for cuts in a bid to stop the price rout, according to a report from Reuters.
U.S. West Texas Intermediate crude jumped 6.3%, or $1.61, to trade at $26.92 per barrel. At the session high, WTI gained more than 12% to trade at $28.56. WTI is up more than 20% for the week, and is on track to snap a five-week losing streak. International benchmark Brent crude rose 11.6% to trade at $33.61 per barrel.
Russia initially rejected additional cuts proposed by OPEC in early March, but Reuters reported on Friday that Putin said production needs to be cut by around 10 million barrels per day, but that the U.S. must also take action.
“In our view there is no OPEC+ choice involved, the rhetoric is window-dressing, the market will deliver cuts, and they will be deeper than any…