Oil prices rebound from sharp selloff; more volatility expected

Crude oil prices pushed higher on Wednesday after Iran said it was open to cooperation with Saudi Arabia, partly recovering from an 8 percent fall in the previous session led by concerns over demand and weak equities.

Prices were supported by comments from Iran’s oil minister that Tehran is ready to negotiate with Saudi Arabia over the current conditions in global oil markets.

The front-month Brent contract was 75 cents, or 2.5 percent, higher at $31.07 a barrel by 0219 GMT. The contract fel for a fourth straight session on Tuesday to end down $2.56, or 7.8 percent.

U.S. crude for March delivery was 58 cents higher at $28.52 a barrel. The contract fell 5.9 percent on Tuesday to settle $1.75 lower.

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Posted in: Indian Market Tips