LONDON : Brent crude oil sank below $16 a barrel to its lowest since 1999 on Wednesday, before recovering slightly on the prospect of extra pledges to cut output in addition to a pact by major producers to limit supplies.
International benchmark Brent crude, which fell 24% in the previous session, touched $15.98 a barrel on Wednesday, hitting its lowest since June 1999.
By 1225 GMT, it had recovered to $21.16, up $1.83 or 9.5%. U.S. West Texas Intermediate was up $2.26 or 20%, at $13.83. Analysts said the price levels were now so low they would a big impact the amount of oil companies could produce without facing deep losses. "Overall, we are at price levels which will have a strong impact on production worldwide," Olivier Jakob, oil
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