Crude rebounds on OPEC comments

|By:, SA News Editor

Oil fell by around 4%, or $2 per barrel, in Wednesday's trade - its worst day in six weeks - but prices are bouncing back today. Crude futures +1% to $50.92.

Comments by OPEC members, including oil ministers from Kuwait and Saudi Arabia, about extending a production cut are helping, but concerns about oversupply and increased shale production continue to weigh on prices.

Crude futures roll to the June contract following today's close.

Previously: Oil tumbles more than 4% (Apr. 19 2017)

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