(Bloomberg) — Oil recovered from a one-year low to trade above $50 a barrel as Saudi Arabia ran into Russian resistance in its push for further production cuts to combat a virus-driven demand hit.Futures rebounded with Asian stocks on Wednesday, but oil is still down more than 20% since early January as the coronavirus dents global demand. Saudi Arabia’s push for deeper supply reductions to combat the drop in consumption due to the outbreak is being received with caution by Russia, whose budget is more resilient to lower prices.BP Plc is forecasting the crisis will wipe out one-third of global …read more
Source:: Yahoo Finance
