Oil jumps 12%, posts best week in history as traders expect big production cuts [CNBC]
Whiting Petroleum Corporation (New) (WLL)
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Source: CNBC
Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly said that the county wanted to see global action on cuts of around 10 million barrels per day. U.S. West Texas Intermediate crude jumped 11.93%, or $3.02, to settle at $28.34 per barrel. At the session high, WTI gained more than 12% to trade at $28.56. For the week WTI rose 31.7% in its best week on record back to the contract's inception in 1983. International benchmark Brent crude rose 13.9% to settle at $34.11 per barrel. Russia initially rejected additional cuts proposed by OPEC in early March, but Reuters reported on Friday that Putin said production needs to be cut by around 10 million barrels per day, but that the U.S. must also take action. "In our view there is no OPEC+ choice involved, the rhetoric is window-dressing, the market will deliver cuts, an
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