Oil prices rebound, supported by OPEC comments on output cuts [CNBC]
Churchill Capital Corp V Class A (CCV)
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Source: CNBC
Spencer Platt | Getty Images Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. Oil prices rebounded sharply in choppy trade on Monday morning, after one of the most bearish weeks in months. Futures earlier came under pressure as oil ports, producers and refiners in Louisiana, Mississippi and Alabama, which shut facilities ahead of Hurricane Nate, were planning to reopen on Monday as the storm moved inland, away from most energy infrastructure on the U.S. Gulf Coast. But prices got some support from OPEC comments signaling the group and other producers may take further action to restore market balance in the long term. U.S. West Texas Intermediate (WTI) front-month crude futures rose 19 cents to $49.48 per barrel at 9:18 a.m. ET (1318 GMT). Brent crude futures, the international benchmark for oil prices, were down 9 cents at $55.53 a barrel, paring earlier losses. Oil production platforms in the
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