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Oil Up More Than 7% as OPEC Nears Deal

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Oil prices jumped more than 7 percent on Wednesday as some of the world’s largest oil producers gathered in Vienna to agree on a production cut that could be bigger than expected.

Brent crude futures were up $3.33 at $49.71 per barrel by 1102 GMT, on course for their biggest one-day move in nine months. U.S. West Texas Intermediate (WTI) crude futures were $2.95 higher at $48.18 a barrel.

The Organization of the Petroleum Exporting Countries started a meeting at 0900 GMT on Wednesday at its Vienna headquarters to discuss terms of a potential deal to cut production in an effort to prop up prices that have fallen by more than half since 2014 due to oversupply.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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