Oil Prices Set For A Significant Weekly Gain As Russia Announces Production Cut

Oil prices spiked on Friday morning as Russia announced plans to cut its oil production by 500,000 bpd in March. The plans were a response, according to Deputy Prime Minister Alexander Novak, to western price caps. Crude oil prices were already set to end the week with an overall gain, although in the second half of the week the price climb began to fizzle out as the Fed signaled it would continue with rate hikes and Chinese demand had failed to impress. The announcement by Russia means oil prices are now set for a significant gain this week. West…