Oil prices jump as focus swivels to Opec, Russia meeting on output cuts

SEOUL: Oil climbed on Wednesday, reversing most of the prior session’s losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic.

Brent crude was up by 72 cents, or 2.3 per cent, at $32.59 per barrel by 0044 GMT after falling 3.6 per cent on Tuesday. US West Texas Intermediate (WTI) crude rose $1.30, or 5.5 per cent, to $24.93 a barrel after dropping 9.4 per cent in the previous session.