Oil prices rebound as investors weigh potential Opec+ supply cut – The National

Oil prices rebound as investors weigh potential Opec+ supply cut – The National

Oil prices rebounded on Tuesday as investors weigh the possibility of an output cut by Opec+ at a key meeting later this week.

Brent, the benchmark for two thirds of the world’s oil, was trading 1.61 per cent higher at $84.53 a barrel at 10.55am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 1.46 per cent at $78.37 a barrel.

Brent crude fell to about $80 a barrel on Monday after protests were reported in a number of cities in China as the government continued with its zero-Covid policy to contain the pandemic.