Oil surges 8% in sudden move toward the end of trading, US Oil Fund ETF halted

Oil surges 8% in sudden move toward the end of trading, US Oil Fund ETF halted

Oil surges in sudden move toward the end of trading, production cuts eyed. Ahead of the meeting Russia reportedly indicated that it's ready to cut production by 1.6 million barrels per day, according to Reuters citing an energy ministry official.. Some of WTI's earlier gains were pared after data from the U.S.. Leading producers Saudi Arabia and Russia are engaged in a price war, increasing or maintaining production to grow their market share, while U.S. shale companies are pumping at record levels..