Oil Prices Rebound But Remain On Course For A Weekly Loss

Crude oil prices are likely to end the week with an overall decline despite a rebound late in the week fueled by anticipation of deeper-than-expected Russian production cuts. The change in sentiment followed a Reuters report that said Russia would be cutting the volumes of oil it exports via its western ports in March and April by as much as 25 percent. That was on top of a planned production cut of 500,000 bpd for March, announced by Deputy Prime Minister Alexander Novak earlier this month. The report pushed oil prices higher on Thursday, offsetting…