The prices of oil futures jumped on Thursday as supply worries continued to rattle the crude markets.
Russia previously announced that it will be slashing it oil production by 500,000 barrels per day in March in order to "restore market relations." However, reports emerged that the country might go over this amount and cut as much as 25% of its crude output, which is approximately 625,000 barrels per day, as per Reuters sources.
West Texas Intermediate (WTI) for settlements in April soared 2.29%, to sell at $75.64 per barrel at 9:53 am ET. Brent for the same month's deliveries surged 2.07% to go for $82.33 per barrel at the same time.
