Oil prices traded up for the day, whipsawing up near the end of the session on hopes of a production cut tomorrow. Prices quickly pared those gains before settling for the day. The EIA reported that inventory rose by 15.2 million barrels for the week ending April 3, compared to a forecasted build of 9.67 million barrels. While OPEC sources have said a deal to cut production is conditional on the participation of the United States, doubts remain as to whether Washington will contribute. The U.S. Department of Energy said on Tuesday U.S. output was already declining, without government action. At the moment, prices are so volatile that any news or leaks about the direction of the negotiations could move prices either way. \u201cThe coming extraordinary producing-countries meeting is the only hope in the horizon for the market that could prevent a total price collapse and production shut-ins,\u201d said Rystad Energy\u2019s head of oil markets Bjornar Tonhaugen. Some are not optimistic though, \u201cOPEC+ is trying mightily to cobble together a sizable production cut, and they are in full spin mode to try and rally prices,\u201d said Again Capital\u2019s John Kilduff. \u201cTomorrow\u2019s teleconference will be a make-or break moment for the oil market. The math on a 10 million barrel per day cutback, which is the minimum necessary to stabilize the situation, is almost impossible to compute. I expect a bad day for OPEC+ tomorrow,\u201d he added. WTI traded up $1.46 or 6.2% to close at $25.09. Brent traded up $1.67 or 5.24% to close at $33.54.<\/p>\n\n\n\n
Oil prices traded up for the day, whipsawing up near the end of the session on hopes of a\nproduction cut tomorrow.<\/p>\n","protected":false},"author":2,"featured_media":297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n