Oil prices surge on Wednesday

Oil prices jumped on Wednesday, reducing some of this week's losses, on expectations demand will increase as some European countries and US cities moved to ease coronavirus lockdowns.

U.S. West Texas Intermediate (WTI) crude futures were up 15.4%, or $1.90, at $14.24 at 0233 GMT. Brent crude futures rose 4.6%, or 93 cents, to $21.39 a barrel.

On April 12, OPEC, Russia and other oil producing nations agreed to reduce output by 9.7 million barrels per day (bpd) for two months, Argaam reported.

OPEC said it would ease output cuts between July and December by 2 million bpd and by further 2 million bpd between January 2021 and April 2022.