Oil Prices Stabilize On Rumors Of An OPEC+ Extension

Oil traded flat on Thursday morning following yesterday’s correction driven by Saudi Arabia and other OPEC members signaling that they are considering extending the huge output cuts until the end of 2020. Prices fell late on Wednesday afternoon after the API reported an unexpectedly large crude build. The institute reported an 8.7 million barrel build though analysts expected a 1.9 million barrel draw. The large build in crude stocks is the first build in inventories in 3 weeks and led to a drop in oil prices on Thursday morning. Traders…