Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and ...
Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic.
FILE PHOTO: A maze of crude oil pipes and valves pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S., June 9, 2016. REUTERS/Richard Carson/File PhotoSEOUL: Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic.
Brent crude was up by 72 cents, or 2.3per cent, at US$32.59 per barrel by 0044 GMT after falling 3.6per cent on Tuesday. U.S. West Texas Intermediate crude rose US$1.30, or 5.5per cent, to US$24.93 a barrel after dropping 9.4per cent in the previous session.Thursday's meeting between members of the Organization of Petroleum Exporting Countries and its allies, including Russia, is widely expected to be more successful than their gathering in early March.
"Saudi Arabia and Russia continue to hammer out a deal ... What is clear is that the United States must be involved," ANZ Research said in a note.U.S. crude production, meanwhile, is expected to slump by 470,000 bpd and demand is set to drop by about 1.3 million bpd in 2020, the U.S. Energy Information Administration said on Tuesday.
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