Oil rises as hopes build for global production cut

LONDON: Oil prices clawed their way into positive territory on Tuesday as hopes that the world’s biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.

Brent crude was up 83 cents, or 2.5 per cent, at $33.88 a barrel by 0936 GMT after falling more than 3 per cent on Monday. West Texas Intermediate (WTI) crude was up 95 cents, or 3.6 per cent, at $27.03, having dropped nearly 8 per cent in the previous session.