Crude oil rebounds with Opec meeting on the horizon

Crude oil rebounds with Opec meeting on the horizon:
"Crude oil prices recovered from earlier losses in the trading day ahead of Wednesday’s crucial Opec meeting in Vienna, as investors weighed the chances of the production cartel’s ability to reach an agreement to curb output.

Brent crude oil, the international benchmark, gained 1.8 per cent to hit $48.09 per barrel by midday trading, after falling 2.0 per cent earlier on Monday. West Texas Intermediate, the US benchmark, also rose 1.7 per cent to $46.83 per barrel.

The rebound came after Iraq oil minister Jabar Ali al-Luaibi said he was “optimistic” about reaching a deal in Vienna."

'via Blog this'