Crude futures jumped on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although a persistent global oversupply and Iran’s plans to boost production pressured physical oil prices.
Oil futures recovered from one-month lows to end up in the previous session after the Kuwaiti governor for the Organization of the Petroleum Exporting Countries (OPEC), Nawal Al-Fuzaia, said there were “positive indications an agreement will be reached” on output during a producer meeting scheduled for April 17 in Qatar.
