World oil prices rally as OPEC+ meeting starts

The oil market jumped Thursday as OPEC and its allies began discussing output cuts after a collapse in demand due to the coronavirus and a Saudi-Russian price war.

"The 9th (Extraordinary) #OPEC and non-OPEC ministerial meeting has started. The meeting is being held via webinar in light of recent developments surrounding the #COVID-19 pandemic," the crude producers' grouping tweeted, sparking prices to sharply extend earlier gains.