Oil rebounds in Asia as traders weigh output cut deal
Oil rebounded in Asian trade Wednesday following sharp falls the day before, as doubts persist about whether a deal to cut output is enough to bolster coronavirus-hit prices.
US benchmark West Texas Intermediate (WTI) was up 2.73 percent to $20.66 a barrel in morning trade after tumbling more than 10 percent in New York.
A barrel of Brent crude, the international benchmark, was trading 1.49 percent higher at $30.04.
Prices have crashed as the coronavirus pandemic saps global demand, with the situation compounded by a supply glut resulting from a price war between OPEC cartel kingpin Saudi Arabia and non-OPEC rival Russia.
