Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis
Oil bounced back on Wednesday, with US crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic
Oil crisis: Saudi Arabia, Russia fracas over production cut sends prices crashing; puts Africa's cash-strapped producers in peril
A three-year supply pact between the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, including Russia, fell apart this month after Moscow refused to support Riyadh’s plan for deeper production cuts,
Even an expectation that the OPEC producer group will start withholding supply in 2019 to rein in any glut provided little support, traders said.