Oil prices are slightly rebounding on Thursday even with traders remaining doubtful that Organization of the Petroleum Exporting Countries (OPEC) members and
January West Texas Intermediate (WTI) crude futures rose $0.70, or 1.41%, to $50.47 per barrel at 16:46 GMT on Thursday on the New York Mercantile Exchange. This comes as US crude settled 2.3% lower on Wednesday, which was its worst finish in a week.
Brent has also been able to make gains as the trading week comes to an end. February Brent crude futures climbed $0.62, or 1.17%, to $53.62 a barrel.
OPEC and
Late last month, OPEC agreed to reduce their output levels for the first time in eight years. The 14-member oil cartel arranged to cut production by 1.2 million barrels per day (bpd) in the first half of 2017. This was meant to boost crude futures while lowering global oil supplies. Some experts still doubt that the amount was enough and if the cuts would be effectively installed.
Traders will now wait to see if
The next official OPEC meeting will be held on May 25, 2017 in Vienna.
Meanwhile, the Energy Information Administration (EIA) said on Wednesday that there was an immense increase in stockpiles, which was described as the biggest weekly build since 2009 by officials.
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