Crude Oil Spikes on Expected OPEC Supply Cut

Crude oil prices are surging on March 2, following more than a week of selling as the global coronavirus outbreak threatens to slow the world's economic growth. In early afternoon trading, both Brent and West Texas Intermediate futures were up more than 4.5%.

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This sharp move upwards -- one of the biggest single-day gains for crude futures this year -- reverses the trend for oil, which had experienced six consecutive days of falling prices, and comes following news on Friday that Saudi Arabia planned to propose a significant cut to OPEC's oil production at the group's next meeting, which will take place this week.

Source Fool.com