Oil rises $1 as OPEC, allies work on big output cut - Reuters

Oil rises $1 as OPEC, allies work on big output cut - Reuters:

Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.

Brent crude LCOc1 was up by 91 cents, or 1.7%, at $52.77 a barrel at 1442 GMT. 


U.S. West Texas Intermediate (WTI) CLc1 was up by $1.03, or 2.2%, at $48.21 a barrel.

Saudi Arabia and other OPEC members are seeking to persuade Russia on Wednesday to join them in large additional oil output cuts to prop up prices which have tumbled because of the coronavirus outbreak.