Brent crude rebounds from 1999 lows, U.S. oil up more than 25% in wild trade

Brent crude rebounds from 1999 lows, U.S. oil up more than 25% in wild trade

NEW YORK (Reuters) - Brent crude oil rebounded from two days of losses and U.S. futures surged on Wednesday, bolstered by tentative talk of additional supply cuts from OPEC producers and U.S. inventory builds that were less dire than some expected.. U.S. futures fell deep into negative territory on Monday, closing at a record minus-$37.63 a barrel.. West Texas Intermediate (WTI) crude CLM0 futures for June delivery gained $2.21, or 19.1%, to settle at $13.78 a barrel.. But the cuts will come too slowly to offset rising inventories, which hit 518.6 million barrels in the United States last week, just 3% off an all-time record, the Energy Department said.. An OPEC source told Reuters it was "logical" to expect the market to force more cuts on OPEC+ producers..