Oil price sanity may return on Saudi-Russia truce hopes

Singapore

SOME sanity could shine on crude this week on hopes of a reprieve to the Riyadh-Moscow oil row after the commodity's epic roller-coaster ride last week that began with a big leg below US$20 a barrel, followed days later by a momentous 25 per cent upswing.

Much of that will rest on the rhetoric and eventual outcome of an emergency meeting, a rather tricky one, on Thursday among Opec (Organisation of the Petroleum Exporting Countries) and allies to discuss output cuts as oil prices are ravaged by the Covid-19 pandemic.