OIL pared earlier losses amid signs Saudi Arabia and Russia are making progress on an agreement to curb crude output as the coronavirus wreaks havoc on the global economy.
Futures erased most of an earlier loss of as much as 11% in New York to trade near $28 a barrel. Some progress was made in negotiations toward a pact between major producers on Sunday, according to diplomats, while U.S. President Donald Trump said he didn’t think he’d need to resort to tariffs to get Saudi Arabia and Russia to reach a deal.
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