KONTAN.CO.ID - LONDON. Oil prices clawed their way into positive territory on Tuesday as hopes that the world's biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.
Brent crude was up 77 cents, or 2.33%, at $33.82 a barrel by 1353 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude was up 42 cents, or 1.61%, at $26.50, having dropped nearly 8% in the previous session.
"Oil prices are holding their ground with market expectations building on an agreement for an output reduction of 10 million barrels per day (bpd), or at least close to 10 million bpd," BNP Paribas analyst Harry Tchilinguirian told the Reuters Global Oil Forum.