Petrol recovered after a two-day drop on Wednesday, hoping that a video conference meeting between Russia and OPEC members and allied producers will trigger production cuts for prices on Thursday. This initiative is expected to be more successful than its early March meetings. However, doubts remain about the role of the United States in any production limitation.
Brent crude LCOc1 was up by 21 cents, or 0.8%, at $32.08 per barrel by 0639 GMT after falling 3.6% on Tuesday. West Texas Intermediate (WTI) crude CLc1 rose 82 cents, or 3.8%, to $24.45 a barrel after dropping 9.4% in the previous session.
Oil prices fluctuate as the market is in wait-and-see mode. Saudi Arabia and Russia are likely to agree to cut production, but this agreement may depend on whether the United States will participate in the cuts. In a clever statement Tuesday, the US said production was already declining without government action.