Traders bought into new signals that Russia wants to talk with OPEC about production cuts pushing crude prices higher on Wednesday. March West Texas Intermediate crude rose $2.40 to settle at $32.28 a barrel on the New York Mercantile Exchange. April Brent crude added $2.32 to end trade at $35.04 a barrel on the London ICE Futures Exchange.
Russia hinted again it was willing to enter talks with OPEC. However, some analysts are showing concern that this is another empty promise.
The Energy Information Administration reported crude supplies rose by 7.8 million barrels last week. There was a small indication that production was slowing in the U.S.
March natural gas tacked on 1.3 cents Wednesday. The New York Mercantile Exchange contract settled at $2.038 per million British thermal units.
