Oil prices are surging after steady losses as OPEC tries to prop up the market. West Texas Intermediate crude rose more than seven percent on Wednesday to 45-80 a barrel, after falling to its lowest level in a year and a half on Monday.
Brent crude oil futures were also up seven percent at 54-03 in early afternoon trading. The global benchmark hit a 16-month low in the previous session.
OPEC and its Russian allies decided to cut production in 2019 to counter falling prices.