Oil Up More Than 7% as OPEC Nears Deal

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
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.