Oil Rebounds From One-Year Low With OPEC+ Split on Cuts
By Sharon ChoBLOOMBERG
5 בפברואר 2020, 01:09 GMT+2 Updated on 5 בפברואר 2020, 06:16 GMT+2
Saudis push for deeper production curbs, while Russia resists
WTI climbs back above $50 after falling to lowest in a year
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Oil recovered from a one-year low to trade above $50 a barrel even as Saudi Arabia ran into Russian resistance in its push for further production cuts to combat a virus-driven demand decline.
Futures rose in New York as a technical indicator signaled crude is oversold after falling more than 20% since early January amid plentiful supplies and slumping demand. Saudi Arabia’s push for deeper output reductions to combat the drop in consumption due to the coronavirus outbreak is being received with caution by Russia, whose budget is more resilient to lower prices.