Oil prices jump after Russia announces production cuts ...News

Crude is on course for a 10% weekly gain as Moscow plans an output cut of 500,000 barrels per day in March Oil prices jumped more than 2% on Friday, heading for weekly gains, as Moscow announced plans to reduce crude production next month in response to Western price caps. Brent crude futures were trading 2% higher to $86.21 a barrel while US West Texas Intermediate (WTI) futures were up 2% at $79.63. Both contracts are on course for weekly gains of around 10%. Earlier on Friday, Russian Deputy Prime Minister Aleksandr Novak announced that Moscow will voluntarily reduce oil production in March by 500,000 barrels p

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