Oil edges higher after plunging in worst reaction to Opec in over 4 years

Oil recovered slightly after suffering its worst reaction to an OPEC meeting in more than four years.

Prices edged higher by about 0.6% on Wednesday after a report showed a contraction in U.S. crude stockpiles. They were still far from recovering their losses from the previous day’s session when fears about the global economy overshadowed OPEC’s decision to prolong production curbs. It was the biggest drop following an OPEC gathering since November 2014.

The cartel and its allies agreed to extend output cuts for nine months, but divisions remained over Saudi Arabia’s push to target even deeper reductions, with Russia expressing doubts