Oil Spikes After Algeria Says OPEC+ Cuts Could Reach 10 Million Bpd

The price of a West Texas Intermediate barrel of oil shot up on Wednesday afternoon by nearly 7% shortly after OPEC’s President gave the market fresh optimism about tomorrow’s virtual OPEC++ meeting. “The meeting will undoubtably be fruitful in order to rebalance the market through measures we will take tomorrow,” Mohamed Arkab, OPEC’s President and Algeria’s Energy Minister told state news agency APS, according to Reuters. While an intangible statement, the optimistic words spoken by the OPEC President seem…