Oil Prices Rebound After Steep Losses


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.


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