Oil futures erased earlier losses as investors await U.S. supply data after news reports said Iran’s oil minister indicated the Organization of the Petroleum Exporting Countries were considering deeper production cuts.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in August US:CLN7 rose 22 cents, or 0.5%, to $43.73 a barrel.
On Tuesday, West Texas Intermediate slid 2.2% to close at the lowest level since September 16, meaning the commodity has fallen at least 20% from 2017’s highest close, logged in February. A 20% decline for an asset price is considered a bear market.
Meanwhile, Brent futures for August LCOQ7, -0.13% also turned higher rising 15 cents, or 0.3%, to $46.17 a barrel.
Iranian oil minister Bijan Zanganeh on Wednesday said OPEC members were considering further production cuts but should wait until the effect of the current output cuts is clear, Reuters reported.
Prices didn’t move after Saudi Arabia’s state news energy said King Salman has named his son as crown prince, replacing Muhammad bin Nayef. Mohammed bin Salman had been deputy crown prince.