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2020.04.0810:44:00UTC+00Oil Prices Edge Higher Ahead Of Talks On Output Cuts

Oil prices edged higher on Wednesday amid hopes that the world's biggest producers of crude will agree to cut output in a bid to shore up prices.

Benchmark Brent crude rose 0.7 percent to $32.10 per barrel, after having fallen 3.6 percent on Tuesday. U.S. West Texas Intermediate (WTI) crude futures were up as much as 3.6 percent at $24.48.

A videoconference meeting of OPEC and its allies will be held on Thursday and it is expected that Saudi Arabia and Russia will reach a deal to reduce global output by about 10 million barrels a day. That compares with OPEC's estimate for demand to fall by 11.9 million barrels a day this quarter.

Meanwhile, the Bloomberg reported that India -- the world's third biggest oil consumer -- is set to snap up millions of barrels of Middle East crude for its strategic reserves to take advantage of low prices.

Inventory data from the Energy Information Administration will be out later in the day. The American Petroleum Institute, an industry group, said on Tuesday that U.S. crude inventories rose by 11.9 million barrels during the week ended April 3.

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