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Crude oil prices rose sharply on Wednesday, rebounding from losses in previous session, ahead of the crucial meeting between the Organization of the Petroleum Exporting Countries and the group's allies on Thursday.
The meeting to discuss production cuts was earlier scheduled to take place on Monday, but got postponed to Thursday due to disagreements between some leading members.
According to reports, Saudi Arabia and Russia, the two countries which have been asked to cut output by U.S. President Donald Trump, want the U.S. also to reduce production.
The meeting is scheduled to be held via video conference amid the coronavirus pandemic.
West Texas Intermediate Crude oil futures for May ended up $1.46, or about 6.2%, at $25.09 a barrel, after spurting about 12% towards the closing minutes of the session.
The late surge was due largely to a report from Bloomberg that said the OPEC+ will likely discuss a production cut of 10 million barrels per day during the meeting on Thursday.
On Tuesday, WTI Crude oil futures for May tumbled by as much as 9.4%.
According to a report from the U.S. Energy Information Administration this morning, U.S. crude inventories rose 15.2 million barrels in the week ended April 3, much larger than an expected increase of about 9.7 million barrels.
The American Petroleum Institute, an industry group, said on Tuesday that U.S. crude inventories rose by 11.9 million barrels during the week ended April 3.
