cuts helped revive hope of higher prices. Russian Foreign Minister Sergei Lavrov said if there is consensus among the Organization of the Petroleum Exporting Countries and non-OPEC members to meet, “then we will meet”.
This helped push the price of oil, which had been set for a third day of declines after data on Tuesday showed another big build in US inventories, off the day’s lows. Brent for April delivery rose 40 cents to $33.12 a barrel, pulling away from a session low of $32.30. US crude futures rose 46 cents to $30.34, off a session low of $29.40. “Is there going to be a meeting between Russia and OPEC? That is a supportive factor in this rally that we’ve seen in the last one hour,” PVM Oil Associates analyst, Tamas Varga said.