Oil rallies as OPEC+ makes headway on output cut deal after days of talks

The Russian government, after internal talks with its own oil companies, has settled on its position, a person familiar with the discussions said on Wednesday

OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.

After days of direct negotiations between the group’s heavyweights -- Russia, Saudi Arabia and the United Arab Emirates -- details of any potential compromise still weren’t immediately clear. It was too early to say whether the progress would translate into a final deal, delegates said, asking not to be named because the talks were private.

Oil rallied on the news, rising 2.9% to $45.85 a barrel at 12:26 p.m. in New York.

The Organization of Petroleum Exporting Countries and its allies need