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Oil rises to $73 on report of 2019 output cut talks

Reuters  |  LONDON 

By Alex Lawler

LONDON (Reuters) - Oil rebounded towards $73 a barrel on Wednesday after falling to its lowest since August, supported by a report that and Saudi Arabia are discussing in 2019.

Crude rebounded from an earlier loss after Russia's agency, citing an unnamed source, reported that the two countries have started bilateral discussions over possible 2019

"I think this is a little bit of verbal intervention, trying to get some speculative length back into the market," said of Petromatrix, referring to the talk of possible supply curbs.

Brent crude, the global benchmark, rose $1.18 to $73.31 a barrel by 1017 GMT. The contract hit $71.18 on Tuesday, its lowest since Aug. 16.

U.S. crude rose 28 cents to $62.49.

(Additional reporting by Henning Gloystein; editing by and Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 07 2018. 16:11 IST