Oil prices rebound on hopes for OPEC+ supply cuts
Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OPEC and its allies to offset any potential drop in demand triggered by the coronavirus outbreak.
Brent crude stood at $55.02 a barrel by 0930 GMT, up 57 cents, or nearly 1.1 per cent, and US West Texas Intermediate (WTI) crude was up 95 cents, or 1.9 per cent, at $51.06.
Tuesday’s gains marked a rebound after an extended slide over the last two weeks on concern over the global economic impact of China’s coronavirus, which pushed crude prices on Monday to their lowest level in more than a year.
