Oil futures bounced off a three-month low on Tuesday, bolstered by speculation that members of the Organization of the Petroleum Exporting Countries are working out the details of a proposed reduction in crude oil output. Light, sweet crude for December delivery settled up $2.49, or 5.7%, at $45.81 a barrel on the New York Mercantile Exchange, its biggest one-day percentage gain since April. Brent, the global benchmark, rose $2.52, or 5.7% to $46.95 a barrel. All eyes are now on OPEC ahead of the Nov. 30 meeting where the group aims to agree to a production cut to between 32.5 million and 33 million barrels a day from record levels of 33.83 million barrels a day in October. “All of a sudden now there’s hope, and that’s why we’re seeing the market rebound,” said Phil Flynn, senior market analyst at The Price Futures Group. There is growing consensus that […]