Oil up 7% to $35 per barrel on speculation of OPEC production cuts

Posted: January 28, 2016

Oil prices hit a three-week high on Thursday after Russian Energy Minister Alexander Novak indicated that Russia and Saudi Arabia had discussed potential oil production cuts. Other OPEC countries such as Venezuela have already expressed interest in collective production cuts, in hopes of reviving oil prices. US crude oil inventories hit their highest levels since the Energy Information Administration began keeping track of the data.