US crude futures rebounded on Wednesday on investor hopes the Saudi-Russia deal to halt oil output increases would lead to a wider pact among producers.
ICE crude oil front month rises about 1.4 percent to 32.7 a barrel, after ending the previous session lower. However, early gains were wiped out on the realisation there would be no immediate supply cuts to tackle global oversupply.
Iraq, Qatar and Venezuela also said they would freeze output at January levels provided a deal could be agreed. A source said OPEC member Iran could be offered special terms to entice them into freezing oil production levels.