Oil prices rise as OPEC mulls drastic output cuts — Market Talk

The Wall Street Journal – Oil prices tick higher as Saudi Arabia mulls drastic, temporary cuts to production to bolster crude prices, which have tumbled in response to the spread of coronavirus.

OPEC and its allies are debating whether to cut output by 500,000 barrels a day, WSJ reports.

The cartel will decide on whether to hold a ministerial summit after holding a technical meeting on Tuesday and Wednesday. Iran, Russia and Nigeria are reluctant to organize an emergency meeting. Brent-crude futures are flat at $56.62 a barrel, having been slightly lower before WSJ’s report. WTI is up 0.6% at $51.88 a barrel.

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