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Crude prices edged up on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement, but surging U.S. crude inventories muted the gains.

OPEC members and other oil producers need to cut at least 20 million barrels per day of output, a Texas oil and gas regulator said on Wednesday.

Billionaire Mark Cuban joined CNBC's "Closing Bell" on Wednesday.

Britain's BAE Systems is looking to raise $1.3 billion in debt to fund its pension deficit and repay related loans, the company said on Wednesday, as it prepares to deal with the fallout of the coronavirus outbreak.

A figure of 6 billion euros ($6.5 billion) in loans to help Air France KLM amid the coronavirus crisis is "not unrealistic", French junior transport minister Jean-Baptiste Djebbari said on Wednesday.

With fewer people on the road, auto insurers are offering customers discounts. Consumer advocates say they could be doing more.

As several European borders limit travel to stop the spread of COVID-19, two of the world's biggest pulp makers say transportation logjams are delaying shipments of the raw material - the only ingredient in the toilet paper that people are hoarding to weather quarantines.

U.S. Treasury officials have asked airlines seeking government payroll support to provide additional detailed information on capital structure, liquidity and loyalty programs, people briefed on the matter told Reuters.

EasyJet founder Stelios Haji-Ioannou continued his battle to force the British airline to cancel an order for 107 Airbus planes, making a new demand on Wednesday for a shareholder vote and threatening to sue its directors.

The U.S. government's massive effort to nurse the economy through the coronavirus crisis was billed as a send-money-and-don't-sweat-the-details flood of cash to people and businesses in a $22 trillion system that has ground to a halt.

Lufthansa will seek state aid in Germany, Switzerland, Belgium and Austria as the coronavirus crisis that forced it to ground almost all of its planes will persist longer than feared, the German airline's chief executive said.

The dollar firmed on Wednesday as optimism that the coronavirus crisis was slowing waned, increasing investor concerns over the economic impact of the pandemic.

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Oil rebounded on Wednesday after a two-day fall, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.

The Fed had imposed the restrictions following the bank's fake account scandal in which it created millions of accounts for customers without their knowledge.