Saudi Arabia and Russia agreed in principle on a deal to carry out the biggest organized oil production cuts in decades, after a month-long feud that devastated oil prices
Saudi Arabia and Russia agreed in principle Thursday on a deal to carry out the biggest organized oil production cuts in decades, after a month-long feud that devastated oil prices.
Oil prices shot higher ahead of the announcement before abruptly losing momentum and shedding most of their gains on a day of volatile trading. U.S. crude was up 3.4% at $25.95 a barrel and Brent crude oil was last up 3.2% at $33.91 a barrel, having earlier been up 10%.
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