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Oil prices rebound after falling to lowest levels in 4 years

Oil prices rebound after falling to lowest levels in 4 years
Russia said Tuesday it might still hold talks with OPEC to stabilize the oil market, which sustained significant losses on Monday. File Photo by Sakhorn/Shutterstock                                 

March 10 (UPI) -- Crude oil prices rebounded a bit Tuesday from a precipitous fall a day earlier, recovering about a third of the drop.

West Texas Intermediate crude for April delivery and Brent crude, oil's global benchmark, climbed 8 percent at one point Tuesday. Both varieties fell nearly 25 percent on Monday, sinking to their lowest levels in four years.

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Tuesday's recovery followed news from Saudi Aramco that it would boost production to more than 12 million barrels per day by April.

Asian and European stocks also showed gains in oil in early trading Tuesday.

Contributing to Monday's plunge was a breakdown in talks between OPEC and Russia regarding cuts in production in the coming weeks. On Tuesday, Russian Energy Minister Alexander Novak said Moscow may still work with OPEC to stabilize oil markets.

Monday's shakeup impacted the Russian stock market on Tuesday, sending it down 10 percent in early trading. Russian oil giants Rosneft and Lukoil each fell more than 10 percent.

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