Oil prices rose about 4 percent on Wednesday, after major oil producers finalized plans to meet in Qatar to discuss an output freeze, US crude stockpiles grew less than expected, and gasoline demand climbed.
Prices rebounded after a 5 percent fall this week after Qatari oil minister Mohammed Bin Saleh Al-Sada said producers from within and outside the OPEC will meet in Doha on April 17 to discuss output freeze plans.
“Around 15 OPEC and non-OPEC producers, accounting for about 73 percent of global oil output, support the initiative,” the minister said.
The EIA also reported that U.S. gasoline demand over the past four weeks was up 6.4 percent from a year ago.