Oil Price Leaps To $33 Per Barrel As Russia Ratifies OPEC’s Position

crude oil prices jumped 40 cents to $33.12 per barrel on Wednesday, February 3, overturning earlier losses after fresh comments from Russia about its willingness to talk with the Organisation of the Petroleum Exporting Countries, OPEC, over output cuts.

Russian foreign minister, Sergei Lavrov, said if there is consensus among OPEC and non-OPEC members to meet, “then we will meet”.

This helped push oil price, which had been set for a third day of decline after data on Tuesday showed another big build in U.S. inventories, off the day’s lows.

Brent for April delivery rose 40 cents to $33.12 a barrel, pulling away from a session low of $32.30.

US crude futures rose 46 cents to $30.34, off a session low of $29.40.