By Alex Lawler
Crude rebounded from an earlier loss after Russia's TASS news agency, citing an unnamed source, reported that the two countries have started bilateral discussions over possible 2019 oil production cuts.
"I think this is a little bit of verbal intervention, trying to get some speculative length back into the market," said analyst Olivier Jakob 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 Dale Hudson and Jason Neely)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)