Oil prices rebound, fueled by hopes for OPEC+ supply cuts - Reuters

Oil prices rebound, fueled by hopes for OPEC+ supply cuts - Reuters:

Oil prices clawed back ground on Tuesday, rising as much as 1% after the previous session’s slump, amid hopes for new output curbs from OPEC and its allies to offset any drop in fuel demand that might be triggered by China’s coronavirus outbreak.

Brent crude was at $54.94 a barrel by 0824 GMT, up 49 cents, or nearly 0.9%, and U.S. West Texas Intermediate (WTI) crude was up 68 cents, or 1.3%, at $50.79.

Despite Tuesday’s gains, an extended slide over the last two weeks on concern over the global economic impact of the coronavirus means prices are still more than 20% lower than this year’s peak on Jan. 8. Monday’s drop left crude prices at their lowest in more than a year.