Earlier during the regular session, the Nasdaq dropped 2.1% for its third consecutive session of steep declines. The latest drop erased the index's year-to-date gains, and brought it within 0.5% of a formal correction
The U.S. oil benchmark, WTI Crude, jumped early on Thursday to above $64 a barrel, soaring by more than 5 percent, after OPEC+ sources began telling reporters that the coalition may be close to agreeing not to increase their collective oil production in April
Oil prices surged to the highest level in more than a year on Thursday as the Opec+ alliance surprised the market by keeping production levels unchanged in April. Brent crude jumped 5pc above $67 in afternoon trading, while US oil made similar gains above $64. Delegates said the alliance agreed to keep oil output unchanged in April, while Saudi Arabia will also maintain its 1m-a-day voluntary production cut next month. The decision has yet to be officially announced. Crude has rebounded this year after the group and its allies slashed output to drive a rebalancing of the market following last year’s virus-induced slump.