Oil prices rebound, fuelled by hopes for OPEC+ supply cuts
Oil prices clawed back ground on Tuesday, rising 1 per cent after the previous session’s slump, amid hopes for new production curbs by OPEC and its allies to offset any drop in future fuel demand that might be triggered by China’s coronavirus outbreak.
Brent crude was at $54.93 a barrel by 0615 GMT, up 48 cents, or nearly 0.9 per cent, while US West Texas Intermediate (WTI) crude was up 57 cents, or over 1 per cent, at $50.68 a barrel.
Despite Tuesday’s gains, an extended slide over the last two weeks on concern over the global economic impact of the coronavirus means prices are still close to 20 per cent lower than this year’s peak on January 8. Monday’s drop left crude prices at their lowest in more than a year.
