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Oil prices turned negative at noon, giving back a more than 12% gain, as the Street awaited details on production cuts from OPEC and its allies

Market following the down-turn

https://www.cnbc.com/2020/04/09/oil-jumps-ahead-of-make-or-break-opec-meeting.html

Saudi Arabia and Russia were reportedly discussing cuts that could take a record 20 million barrels per day of global production offline, Reuters said, citing sources familiar with the matter, although others said the cuts would more likely be around 10 million barrels per day.

According to Reuters, OPEC+ would cut output by 12 million barrels per day, with an additional 5 million barrels per day cut by producers outside of the group. The deal would reportedly last for two years with the cuts implemented gradually, Reuters said.

Oil prices reversed course and turned negative as traders awaited confirmation of the cuts as well clarity on key details, including how the cuts would be divided among OPEC+, as well as the production numbers on which the cut would be based.



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