OIL clawed back losses in early Asian trading despite a looming supply flood from Saudi Arabia and signs of deepening demand destruction.
Futures rallied as much as 5.7% in New York after crashing to an 18-year low at the start of the week. In a rare glimmer of hope, Russia said Wednesday that it isn’t profitable to produce more crude at the moment, although it added there are no plans to speak to Saudi Arabia following a plea by U.S. President Donald Trump for the former OPEC+ allies to meet and calm the markets.
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