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  • Tue. Nov 5th, 2024

Oil gives up gains even as OPEC+ hammers out supply-cut deal

Oil gives up gains even as OPEC+ hammers out supply-cut deal

NEW YORK (Reuters) – Oil prices dipped on Thursday, giving back an earlier 10% surge as investors awaited details on a massive OPEC supply-cut agreement in response to the global fuel demand collapse due to the coronavirus pandemic.

FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. Picture taken August 21, 2019. REUTERS/Jessica Lutz/File Photo

A global lockdown to slow the spread of the coronavirus pandemic has cut fuel demand by about 30%, sending oil prices into free-fall.

The Organization of Petroleum Exporting Countries, led by Saudi Arabia, along with allies including Russia – a group known as OPEC+ – were working on Thursday on record oil output curbs of 15 million to 20 million barrels per day (bpd), or 15% to 20% of global supplies, to support prices hammered by the coronavirus crisis, OPEC and Russian sources said.

However, analysts sai

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