Oil prices rose on Wednesday, ending the longest ever losing streak for U.S. crude, on the growing prospect of OPEC and allied producers cutting output at a meeting next month.
Prices recovered, with Brent inching back above $67 after Reuters reported that OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials had mentioned previously.
U.S. West Texas Intermediate (WTI) crude oil futures ended Wednesday's session up 56 cents, or 1 percent, at $56.25 per barrel. WTI fell 7 percent to a one-year low on Tuesday.
International benchmark Brent crude oil futures were up 51 cents at $65.08 per barrel by 2:29 p.m ET. Brent plunged 6 percent to settle at an eight-month low in the previous session.
The price of Brent has fallen by more than 20 percent since early October on concern about excess supply and slowing demand, one of the biggest declines since a price collapse in 2014. U.S. crude had declined for a record 12 consecutive sessions to the lowest since November 2017.