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11/13, 7:00 PM (Source: TeleTrader)
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Oil gains as OPEC, Fed brush off recession concerns

Prices of oil rebounded from early losses on Wednesday after assurances from OPEC about a steady demand continuing in 2020 and predictions that a global economic recession is nowhere in sight.

OPEC's Secretary-General Mohammad Barkindo said earlier that the numbers for 2020 point to a stable demand outlook and reminded that the OPEC+'s deal to cut oil output by 1.2 million barrels a day would remain in place until March next year.

Meanwhile, market sentiment was also buoyed by comments from the Federal Reserve Chairman Jerome Powell who stated that the US economy would experience a "sustained expansion" with the effects of the latest rate cut yet to be felt. "The baseline outlook remains favorable," Powell told the Joint Economic Committee of Congress.

West Texas Intermediate for December delivery gained 0.95% at 12:56 pm ET, going for $57.33 a barrel, while international benchmark Brent for settlement in January 2020 went 0.97% up a minute later, changing hands for $62.57 per barrel.

Breaking the News / GG