Tuesday, 15 November 2016 - 13:17
Oil rebounds from three-month lows on renewed hopes for OPEC cut
Oil prices rose around 2 percent on Tuesday to move away from multi-month lows struck the day before, pushed higher by expectations of falling shale output and renewed optimism that OPEC will deliver on touted production cuts.
U.S. crude futures for December delivery had climbed 90 cents, or 2.1 percent, to $44.22 a barrel by 0340 GMT. They struck their lowest in nearly two months the session before.
January Brent futures were up 81 cents, or 1.9 percent, at $45.24 per barrel.
Prices were buoyed by expectations that U.S. shale oil production will in December fall to its lowest since April 2014 at 4.5 million barrels per day (bpd).