Oil Rises as Hopes Build For Global Production Cut
Tuesday, 7 April 2020 18:01 WIB | ENERGY |Crude OilOil,brent oilMinyak WTI

Oil prices clawed their way into positive territory on Tuesday as hopes that the world™s biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.

Brent crude was up 83 cents, or 2.5%, at $33.88 a barrel by 0936 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude was up 95 cents, or 3.6%, at $27.03, having dropped nearly 8% in the previous session.

The world™s main oil producers, including Saudi Arabia and Russia, are expected to agree to cut output at a meeting on Thursday, though that would depend on the United States joining in, sources told Reuters.

Source : Reuters

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