Oil Prices Rebound Some from Sharp Decline — Market Talk

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Oil Prices Rebound Some from Sharp Decline — Market Talk

US benchmark oil prices are recouping some of yesterday’s 12% slide, climbing 3.8% to $112.81 a barrel. “Crude oil is attempting to rebound after the UAE’s ambassador to Washington said that the UAE wants to increase production and would try and convince OPEC plus,” says Peter Cardillo at Spartan Capital. “However, we doubt that OPEC-plus will move for now since Russia will want to retaliate with higher energy prices.” Oil investors are also watching high-level talks between Russia and Ukraine in Turkey, and the lack of progress so far is giving support to oil prices.