Oil rebounds as hopes grow for output cut deal
Oil prices rebounded Wednesday as traders jockey for position ahead of a key producers’ meeting this week aimed at cutting output to support coronavirus-hit energy markets.
US benchmark West Texas Intermediate was up 5.7 percent to $24.98 a barrel in morning Asian trade.
A barrel of Brent, the international benchmark, was changing hands at $32.69 a barrel, up 2.5 percent.
The rise was also in part driven by traders buying at bargain prices, following sharp falls overnight, analysts said.
Producers from the OPEC cartel and non-member countries are scheduled to meet via video conference on Thursday, with output cuts high on the agenda to combat massive oversupply.
