Oil Futures Rally On Talk Of Russia, OPEC Output Cut: Reports

Russia's state-owned oil pipeline company Transneft said Russia and the Organization of the Petroleum Exporting Countries will discuss possible oil output cuts, Reuters reported Wednesday, citing Russian news agency TASS. Prices for oil had already turned higher in the wake a U.S. report that showed a hefty weekly increase in crude supplies, but also revealed a fall in domestic oil production. March West Texas Intermediate crude was up 93 cents, or 3%, at $32.38 a barrel on the New York Mercantile Exchange. March Brent on the ICE Futures exchange added $1.18, or 3.7%, to $32.98 a barrel.