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Oil higher as hopes build for production cut

Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed.

Brent crude was up by 80 cents, or 2.4%, at $33.85 a barrel by 0657 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude was up by 83 cents, or 3.2%, at $26.91 a barrel, having dropped nearly 8% in the previous session.

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.