Russia Ready to Back OPEC+
Crude prices are mounting a recovery this morning following their worst week since the 2008 financial crisis. Expectations are that OPEC+ will deepen output cuts to help balance the market. According to Reuters, Russia is ready to cooperate with its OPEC+ partners to support the world oil market, even though it’s comfortable with current crude prices, President Vladimir Putin said. Russia’s oil exports to Asia were almost unchanged in February amid the coronavirus outbreak, potentially limiting the nation’s motivation to back deeper production cuts when the OPEC+ alliance meets this week.
Elsewhere, potential central bank easing has stemmed the freefall in some risk assets even as the coronavirus continues to spread rapidly. The US Federal Reserve, the ECB, the Bank of Japan, and the Bank of England have signaled strong policy responses to the coronavirus fallout with emergency statements. (Bloomberg)
WTI Crude is trading higher this morning at $46.19, a gain of $1.43.
Fuel is up in early trading this morning. Diesel is trading at $1.4896, a gain of 1.2 cents. Gasoline is trading at $1.4873, a gain of 0.5 cents.
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