(Bloomberg) — Oil rallied back above $50 a barrel as investors waited to see whether Russia would accept an OPEC+ plan for production cuts to cope with demand destruction from the coronavirus.Moscow is “studying” the proposal, to curb crude output by a further 600,000 barrels a day, Energy Minister Alexander Novak said in a statement that didn’t specify when Russia would make a decision. Meanwhile, an American Petroleum Institute report that showed U.S. crude inventories rose by 6 million barrels last week highlighted the weak global demand outlook.Oil appears to have found a floor around the $50-a-barrel mark as investors …read more
Source:: Yahoo Finance
