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Oil prices rebound

Upon OPEC meeting this week, Oil prices rebounded Tuesday.

A barrel of Brent crude, the international benchmark, was trading 2.81 percent higher at $33.98.

“Prices recovered some of the early losses, as both Russia and Saudi Arabia suggested they would be willing to cut production but only if the rest of the world followed suit,” ANZ Bank said in a note.

“The stumbling block appears to be the US, which is reluctant to join an agreement.”

But with US Energy Secretary Dan Brouillette holding talks with Saudi Arabia and Russia, “the market is hopeful of some sort of agreement”, the bank added.

OPEC is the Organization of the Petroleum Exporting Countries of which Saudi Arabia is the biggest producer, while Russia is not an OPEC member.

“Ultimately there is hope that cooler heads will prevail, and producers will reconcile and formulate a response that puts a floor under oil prices,” said AxiCorp global market strategist Stephen Innes.