Brent crude was up by $0.62, or 1.2%, at $52.48 a barrel at 1144 GMT. US West Texas Intermediate (WTI) was up by $0.57, or 1.2%, at $47.75 a barrel. Saudi Arabia and other OPEC members are seeking to persuade Russia on Wednesday to join them in large additional oil output cuts to prop up prices which have tumbled because of the coronavirus outbreak. “There is no doubt that there is an imbalance in the supply and demand for oil. Market players fretted over the suddenness of the Fed’s decision,” said Stephen Brennock of oil broker PVM.

Source: The Express Tribune March 04, 2020 11:48 UTC