Crude oil prices crawled back above $30 a barrel Wednesday morning, helped by bargain hunting after big losses in the previous two sessions.
Oil is likely to bounce back and forth around the the $30 mark unless OPEC decides to cut production.
Hopes for a supply cut have dwindled as a rumored meeting between OPEC and Russia never materialized.
With Iranian oil coming back to market, the global supply glut may actually worsen this year.
WTI crude oil for March was up 30 cents at $30.20, a few dollars from recent 12-year lows.
The material has been provided by InstaForex Company – www.instaforex.com