Crude oil rallied, rebounding from significant recent losses amid renewed expectations that OPEC will agree to cut production.
Dire warnings from the IEA about the worsening global supply glut may compel Iran and others to go along will some output quotas.
Iran has balked at joining major producers Saudi Arabia and Russia in making meaningful cuts, but with oil heading near $40 it is thought Tehran will soon budge.
WTI light sweet crude oil for December was down $1.38 to $44.72 a barrel.
The American Petroleum Institute delivers its U.S. inventories survey this afternoon. The past few weeks have shown stockpiles rising at a troubling pace.
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