U.S. oil prices rebounded 1.01 percent Wednesday on hope of production cut by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
OPEC and its allies are mulling on cutting crude oil production by 1.4 million barrels per day in 2019 to bolster oil prices, according to media reports.
The issue of production cut is expected to be discussed formally at the upcoming meeting of OPEC members and other partnering countries at a high-level meeting scheduled on Dec. 6 in Vienna.
The rebound of oil prices ended a streak of fall with oil prices for 12 consecutive sessions.
The West Texas Intermediate (WTI) for December delivery gained 0.56 U.S. dollar to settle at 56.25 dollars a barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for January delivery grew 0.65 dollar to close at 66.12 dollars a barrel on the London ICE Futures Exchange.
OPEC and its allies are mulling on cutting crude oil production by 1.4 million barrels per day in 2019 to bolster oil prices, according to media reports.
The issue of production cut is expected to be discussed formally at the upcoming meeting of OPEC members and other partnering countries at a high-level meeting scheduled on Dec. 6 in Vienna.
The rebound of oil prices ended a streak of fall with oil prices for 12 consecutive sessions.
The West Texas Intermediate (WTI) for December delivery gained 0.56 U.S. dollar to settle at 56.25 dollars a barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for January delivery grew 0.65 dollar to close at 66.12 dollars a barrel on the London ICE Futures Exchange.
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