SINGAPORE: Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries (Opec) and its allies will deepen supply cuts to respond to weakening global demand.
West Texas Intermediate topped US$78 a barrel, after flipping to gains on Monday following a report that Opec+ may consider supply curbs when members meet to assess output policy this weekend. Earlier in the week’s opening session, crude had hit the cheapest since December as rising Covid-19 cases and demonstrations against virus curbs across China hurt commodities.
