Oil rebounds from steep sell-off as OPEC, partners discuss supply cut
Oil rose about 1 percent on Wednesday, recouping some of the previous session's heavy sell-off, on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up prices. After a record 12 straight days of losses and the steepest one-day loss in more than three years, the oil market reversed course after Reuters reported that OPEC and its partners were discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), more than officials had mentioned previously. Brent crude settled up 65 cents, or 1 percent, at $66.12 a barrel, after hitting a session high of $67.63. US crude futures rose 56 cents, or 1.01 percent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017.