Oil prices claw back some losses as focus turns to possible supply cuts
Oil prices rose on Tuesday, after plunging to nine-month lows a day earlier, on indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices.
Brent crude futures for November settlement rose 65 cents, or 0.77 per cent, to $84.71 per barrel by 0502 GMT. US West Texas Intermediate (WTI) crude futures for November delivery were up 64 cents at $77.35 per barrel.
In the previous two trading sessions, Brent plunged 7.1 per cent while WTI slumped 8.1 per cent under the dual pressure of a surging dollar that makes greenback-denominated crude more expensive for buyer using other currencies and mounting concerns that rising interest rates will trigger a recession that will curtail fuel demand.
