Crude prices rebound after huge loss

New York, April 6 (IANS) Oil prices bounced up as traders bought the dip after a two-day decline.

The West Texas Intermediate for May delivery on Tuesday moved up 19 cents to settle at $35.89 a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 18 cents to close at $37.87 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

Countries from the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC will meet on April 17 in Doha to discuss an output freeze.

Nawal al-Fezaia, Kuwait’s OPEC governor, said on Tuesday that major oil producing countries can reach an agreement for a production freeze even if Iran does not join the action.

Oil prices plunged more than 5 percent in the past two trading days as prospect of production freeze dims.

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