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Crude prices rebound after huge loss

Xinhua, April 6, 2016 Adjust font size:

Oil prices bounced up Tuesday as traders bought the dip after a two-day decline.

Countries from the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC will meet on April 17 in Doha to discuss an output freeze.

Nawal al-Fezaia, Kuwait's OPEC governor, said Tuesday that major oil producing countries can reach an agreement for a production freeze even if Iran does not join the action.

Oil prices plunged more than 5 percent in the past two trading days as prospect of production freeze dims.

Mohammad bin Salman Al Saud, deputy crown prince of Saudi Arabia, last Friday signaled a reluctance to freeze output unless other countries did the same.

Iran officials have made clear that the country will not participate in the output freeze until its production ramp up to the level before the international sanctions posed.

The West Texas Intermediate for May delivery moved up 19 cents to settle at 35.89 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 18 cents to close at 37.87 dollars a barrel on the London ICE Futures Exchange. Enditem