Oil rebounds on output pledge

摘要

OIL futures rebounded midweek as Saudi Arabia and Russia stressed the need for maintaining tight supply curbs, helping to offset concerns about rising cases of Covid-19 infections worldwide. Prices had staged a recovery on Tuesday, supported by increasing imports and robust economic data from China that helped soften the impact of plentiful supplies as Norwegian workers ended a crippling strike and US operators resumed production in the wake of Hurricane Delta. However, oil had been buffeted on Monday, plunging by as much as 3% following the lifting of force majeure at Libya's largest oilfield and hopes for a peaceful end to the lotvg-running civil war in the North African country.