Oil prices rebounded in a strong rally.

Markets were buoyed by a statement from Saudi Arabia’s King Fahd, who urged producers to reach a global agreement on curbing production to stabilize oil prices at higher levels. Britain’s benchmark North Sea Brent crude, which hit a record low of $8.75 per barrel Monday, was trading in the $9.30 to $9.40 range. West Texas Intermediate, the best-known U.S. crude, soared more than $1 a barrel to close at $12.11. But many U.S. analysts expressed doubt that the rally would last, and some predicted a plunge to the $8-a-barrel level.