Oil Rises on Russian Export Cuts, Offsets Virus Demand Jitters
- Russia’s key crude exports to plunge in July in OPEC+ pledge
- Top fuel-consuming states in U.S. see spike in virus cases
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Oil prices rose after Russia slashed exports of its flagship crude Urals to the lowest in at least 10 years, signaling the determination of Moscow to work with its partners at OPEC+ to eliminate an oil glut.
Futures in New York gained 1.9% Thursday. Still, with the virus driving recovery prospects, a dose of pessimism has returned to the oil market. In Texas, the epicenter of the U.S. oil industry, the governor warned that a “massive outbreak” is sweeping the state. New infections also reached daily records in Florida and California, with the fear of new lockdowns sending U.S. gasoline futures tumbling by the most in two months Wednesday.