Oil rises on expectations producers may cut supply after 4% slump
Oil futures jumped more than $1 a barrel on Thursday, recovering half of the nearly 5% losses in the previous session, on expectations that lower prices may lead to production cuts.
Brent crude had rebounded to $57.75 a barrel, up $1.52, or 2.7%, from its last close by 0401 GMT, while US West Texas Intermediate (WTI) crude futures jumped $1.51, or 2.96%, to $52.60 a barrel.
Both contracts hit their lowest levels since January on Wednesday after a surprise build in US crude inventories added to worries that the China-US trade war could further dampen demand growth this year.
