OPEC Russia Oil Deal

Both benchmarks rose 2% on Wednesday following a sharp drawdown in US crude inventories

Futures in New York dropped below $41 a barrel, though the more global Brent benchmark's structure firmed on signs of tightness in physical markets.

The Organization of Petroleum Exporting Countries cut production by 1.93 million barrels a day to 22.69 million a day last month, according to the survey.

Chances of huge defaults by investors, many of whom are retail traders gone long; On Nymex, there were actual trades in minus in which sellers were actually paying buyers to lift stocks

A nearly 25% slump in oil prices triggered panic-selling and heavy losses on Wall Street's main stock indexes as the rapid spread of coronavirus amplified fears of a global recession

As confidence on equities declines, large oil producers may hesitate to loosen their purse strings, thereby impacting valuations too

Oil price climbed above $60 for the first time since the end of May.

News of the potential oil alliance comes at a time when Riyadh and Moscow have worked to cement an economic relationship despite being at odds over the conflict in Syria