Oil recoups losses as Russia backs Opec+ efforts – The National

Oil recoups losses as Russia backs Opec+ efforts – The National

Oil recoups losses as Russia backs Opec+ efforts. The global alliance of oil producers will meet on March 5 and 6 in Vienna. Oil prices recovered their losses at the start of trading on Monday amid anticipation of Opec+ action this week after Moscow indicated that it will support the group's pact.. Brent, the most widely-used benchmark was up 2 per cent and trading at $50.66 per barrel at 2.12pm UAE time, while West Texas Intermediate was up 1.7 per cent at $45.55 per barrel.. Global stocks also suffered their worst week since the global financial crisis in 2008.. According to the Opec+ pact, the oil producers currently restrict 1.7 million barrels per day of production.. The members of the alliance, which also include non-members led by Russia, are meeting this week to decide on a course of action to arrest falling prices.. West Texas Intermediate could stabilise around $45 to $48 per barrel in the run-up to the Opec meeting, noted Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.. "To have a sustainable positive impact on oil prices, the Opec cut should take into consideration the size of the coronavirus-led slump in demand..