Crude oil prices rises as Opec+ moves closer toward deeper output cut :=
Oil prices rose more than 1 per cent on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.
Brent crude rose by 58 cents, or 1.12 per cent, to $52.44 a barrel at 0212 GMT, after settling down 4 cents in the previous session. US West Texas Intermediate (WTI) futures rose by 53 cents, or 1.12 per cent, to $47.71 a barrel, up for a third session.