Russia

Crude prices have been able to recoup a big chunk of the losses they suffered on Monday afternoon. At the time of this writing, Brent oil was trading at $51.60 a barrel, a good $1 better off compared to the low hit on Monday, while WTI was trading at $50.75, likewise $1 higher from its corresponding low.

Since Friday, the West Texas Intermediate (WTI) US benchmark for crude oil has been rebounding from a critical price juncture around the $43 level. This rise has been driven primarily by tentative hopes for an agreement among Russia, Saudi Arabia, and potentially other OPEC members to limit oil production in the interest of steadying crude prices. A...