Just a few hours after WTI Crude dipped below $50 , oil prices wiped out losses and started climbing on Thursday after reports that Russia has conceded that it needs to reduce oil production and join a new Saudi-led OPEC cut to balance the market. At 10:10 a.m. EDT on Thursday, WTI Crude rallied 2.05 percent at $51.32, while Brent Crude was up 1.35 percent at $59.89. Earlier in the day WTI Crude had breached the $50 support level for the first time in more than a year, following yet another U.S. crude inventory build that the EIA reported on Wednesday. Then came out a report by Reuters that Russia has started to concede that it needs to join a new Saudi-led oil production cut, but is still bargaining with its key OPEC partner over how much, how fast, and for how long it would potentially reduce its oil […]