Oil prices rebounded sharply on Wednesday, supported by a report that Saudi Arabia, other OPEC states and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018.
The producers are ready to make gradual adjustments to offset any supply shortage, a Gulf source familiar with Saudi thinking said. The oil producers participating in the output reduction deal are satisfied with the result of their agreement, which was due to end at the end of 2018, the Gulf source told Reuters.
U.S. crude ended the session $1.48, or 2.2 percent, higher at $68.21. The contract fell about $5.50 a barrel, or 7.6 percent, over the last five trading sessions.
Brent ended Wednesday's trading up $2.11, or 2.8 percent, to $77.50 a barrel, after trading as low as $74.81 earlier.