There had also been rumors early Wednesday that some non-OPEC countries would follow an OPEC cut with cuts of their own. But non-OPEC cuts failed to materialize.
"People really wanted to see a couple of non-OPEC producers step up to the plate, particularly Russia," said Tom Orr, head of research for brokerage Weeden & Co.
Top officials from Russia and Azerbaijan hinted that they may cut production with OPEC, according to reports, but no non-OPEC cuts were announced as the session progressed.
Douglas MacArthur - "We are not retreating - we are advancing in another direction."
