OPEC HQ deserted as ministers hold videoconference

Oil producers are set to to hold a video conference on Thursday to discuss the growing concern around the falling demand for oil due to the coronavirus pandemic.

A single Austrian soldier was standing guard in front the largely empty OPEC (The Organization of the Petroleum Exporting Countries) building on Thursday and one employee was seen entering .

The meeting of oil producers has raised hopes energy companies might get some relief in the form of production cuts to help support crude prices.

Oil prices have been even more volatile than stocks recently as Russia and Saudi Arabia bicker over production levels as demand withers.

Benchmark U.S. crude oil rose 89 cents to $25.98 per barrel in electronic trading on the New York Mercantile Exchange early Thursday. It gained $1.46, or 6.2%, to settle at $25.09 a barrel on Wednesday, recovering some of its 9.4% slide from the day before.