Oil prices rebound from early dive as reports vary on OPEC+ output

Oil prices whipsawed today, diving early to their lowest since early January but then rebounding as reports varied about whether Saudi Arabia and other OPEC oil producers are considering a half-million barrel daily output increase.

Brent crude futures for January fell 77 cents to 86 dollars 85 cents a barrel while U.S. West Texas Intermediate crude futures for December were down 58 cents at 79 dollars 50 cents ahead of the contract's expiry later today.