Oil surges 8% after steep slide; growth fears still weigh

Oil producers to have extra meeting if output cuts 'not enough': UAE

USA rough CLc1 was up 74 pennies at $43.27.

Oil has plunged more than 40 percent from a four-year high in October on the prospect of a supply glut.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russian Federation, agreed at a meeting earlier this month to limit output by 1.2 million barrels per day starting in January.

Unrefined has been made up for lost time in more extensive budgetary market shortcoming as the U.S. government shutdown, higher U.S. financing costs and the U.S. - China exchange question startled speculators and exacerbated stresses over worldwide development. Brent crude futures, however, were still trading lower, easing 0.36 percent to trade at $50.29 per barrel.

"There are several bearish factors in oil markets, and the situation won't improve anytime soon", said Satoru Yoshida, a commodity analyst at Rakuten Securities in Tokyo. Trading was closed on Tuesday for the Christmas holiday.

For WTI and Brent, today's price spike of near 10% almost erases the Christmas Eve plunge, but week on week, both benchmarks are in the red.

On Monday, the United States Oil Fund (USO), which tracks West Texas Intermediate crude oil futures, declined 5.9% and the United States Brent Oil Fund (BNO), which tracks Brent crude oil futures, decreased 3.1%.

The producers' alliance, known as OPEC+, plans to lower output by 1.2 million barrels per day, of which OPEC's share is 800,000 bpd, next year, and some ministers have even suggested taking further action. "Oil prices could rise if Opec+ make announcements about specific measures" including additional cuts, Yoshida said.

Oil Prices Risk Larger Rebound as RSI Recovers From Oversold Territory The weakness following OPEC's 175th meeting finally appears to be abating as a growing number of producers show a greater willingness to curb supply, and the group may continue to talk up crude prices as Russia Minister of Energy, Alexander Novak¸ endorses a price range of $55-65bbl.

In wider financial markets, investors were still anxious as the S&P 500 Index of equities stands just 7 points away from completing a full-blown bear market drop. Global stocks have had their most brutal month since 2008 on speculation that Fed Chairman Jerome Powell's tighter monetary policy will weigh on growth.

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