Oil bounced back on Wednesday, with United States (US) crude jumping over $1, 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.
Brent crude was up by 75 cents, or 2.4 per cent, at $32.62 per barrel by 0246 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.
Thursday’s videoconference meeting between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is widely expected to be more successful than their gathering in early March. That ended in failure to extend cuts, and a price war between Saudi Arabia and Russia amid slumping demand.
