Oil Settles Mixed after Rate Cut, Pressure Ahead of OPEC By Investing.com

© Reuters.

By Barani Krishnan

Investing.com – Oil prices settled mixed on Tuesday after an emergency rate cut by the Federal Reserve was tempered by uncertainties ahead of an OPEC meeting on production cuts.

, the U.S. crude benchmark, settled up 43 cents, or 0.9%, at $47.18 per barrel. WTI rose 4.5% on Monday after a 16% drop last week, its biggest weekly fall since mid-December 2008.

Tuesday’s rebound came after the Federal Reserve cut the key lending rate cut by half a point ahead of its scheduled March 18 meeting. The Fed briefly boosted optimism among investors expecting stimulus for markets battered by the coronavirus epidemic.

, the London-traded global benchmark for crude, however, settled down 4 cents, or 0.07%, at $51.86. It rose 4.5% in the previous session.

Earlier on Tuesday, WTI and Brent rallied about 4% each before falling back on concerns over what OPEC would decide later in the week.

OPEC’s 13 members open their regular twice-yearly meeting on Thursday before a special session on Friday with 10 producing allies led by Russia, who are collectively known as OPEC+.

Saudi Arabia, which dominates the group, is trying to push for an agreement to cut another 1 million barrels per day on top of 2.1 million bpd already agreed in December. Russia, whose cooperation is vital for a cut, hasn’t given the nod to the Saudis.

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