The prospect for progress in talks among oil producers was a big driver of Wednesday’s rally, analysts said. Oil prices have been even more volatile than stocks recently as Russia and Saudi Arabia bicker over production levels as demand withers. Oil producers were set to meet on Thursday, and an announcement for production cuts to prop up the price of crude is possible. “The icing on the cake… a ‘good’ outcome for oil prices from the OPEC+ meeting, would be a global agreement to cut output… beyond OPEC and Russia, although demand concerns will persist,” Innes said. President Donald Trump later said it “will be sooner rather than later.”The S&P 500 climbed by 3.4 percent to 2,749.98.

Source: Manila Times April 09, 2020 09:00 UTC