Oil prices climbed on Wednesday, bouncing back from the previous session's large losses, as investors looked for bargains and supported by hopes that consuming countries will look to fill their strategic reserves.
Still, worries about oversupply amid global coronavirus-related lockdowns and a warning from the International Monetary Fund (IMF) about a deep recession kept gains in check.
Brent futures (LCOc1) were up 24 cents, or 0.8%, at $29.84 a barrel as of 05:39 GMT, after falling 6.7% on Tuesday. U.S. West Texas Intermediate crude (CLc1) rose 38 cents, or 1.9%, to $20.49, having crashed 10.3% in the previous session.
Both benchmarks were undercut on Tuesday by worries that a record global output cut by producers would not offset plunging fuel demand due to efforts to contain the coronavirus pandemic.
Source : Reuters