By Stephanie Kelly
NEW YORK (Reuters) – Oil prices rose on Monday, rebounding from recent losses, amid reports that OPEC+ could adjust plans to increase oil production if large oil-consuming countries release oil from their reserves or if the coronavirus pandemic decreases demand.
Brent crude futures rose $0.81, or 1%, to close at $79.70 a barrel. US crude oil (WTI) advanced $0.81, or 1%, to close at $76.75 a barrel.
Brent and WTI oil prices fell more than $1 in early trading, hitting the lows since October 1st.
Japanese and Indian officials are working on ways to free up domestic crude oil reserves in conjunction with the United States and other major economies to lower prices, seven government sources with knowledge of the plans told Reuters.
The discussions came after the US government failed to persuade the Organization of Petroleum Exporting Countries and allies, including Russia, known as OPEC+, to pump more oil, with major producers arguing the world had no shortage of oil.
The producer group agreed this month to follow through on plans to increase oil production by 400,000 barrels per day (bpd) starting in December.
(Additional reporting by Bozorgmehr Sharafedin in London, Sonali Paul, Naveen Thukral and Florence Tan in Singapore, Aaron Sheldrick in Tokyo)
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