Oil Updates – crude rebounds as OPEC+ output cuts override China, US demand concerns

NEW YORK: Oil prices rebounded slightly on Wednesday after extended declines as signs of supply tightness amid output cuts by major producers overrode demand growth concerns in China and the US, the world’s two biggest crude consumers, according to Reuters.

Brent crude futures were up 17 cents to $82.21 a barrel at 7:40 a.m. Saudi time after falling in the previous four sessions, while US West Texas Intermediate crude futures rose 19 cents to $78.34 a barrel, after declining the past two days.

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