Oil reversed course and rose on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC.
The price is still set for its biggest one-month fall in November since the depths of the financial crisis in 2008, having lost more than 22 percent so far.
A seemingly relentless rise in U.S. crude supply, together with Saudi Arabia’s insistence that it will not cut output on its own to stabilise the market, earlier sent Brent crude to another 2018 low below $58 a barrel.
The Russian Energy Ministry held a meeting with the heads of domestic oil producers on Tuesday, before a gathering in Vienna of the Organization of the Petroleum Exporting Countries and its allies on Dec. 6-7.
via Reuters
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Alfonso Esparza
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