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Oil prices jump 6% on renewed hopes of OPEC output cut

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Oil prices jump 6% on renewed hopes of OPEC output cut

11.16.2016 9:25
[Where - Baghdad]

Oil prices jumped six percent on Tuesday to seize US crude biggest daily percentage gain in seven months due to renewed expectations that OPEC agree later this month to reduce the global supply glut.

Secretary - General of the Organization of Petroleum Exporting Mohammed Barkindo visiting Member States , such as Iran and Venezuela in the next few days to discuss the agreement before the WTO meeting in Vienna on November 30.

The Organization of Petroleum Exporting Countries reached a preliminary agreement in September , but the differences are still two weeks before the meeting next between OPEC and Russia , members of non - member of the Organization on the exact details of the agreement.

sources familiar Reuters is expected to head the Saudi energy minister Khaled al - Faleh to the Qatari capital Doha this week for meetings with oil - producing countries such as Russia on the sidelines of an energy forum.

he said traders and analysts the last moments of OPEC 's efforts sparked a wave of coverage of the centers of the city , which helped to strengthen prices.
Andrew Libo of commodities research group in Darien American, Conn . "there was a lot of new speculation on falling prices in the market due to growing doubts in their ability to conclude agreement , "he said , adding that the city center has come under pressure with increasing the chances of reaching an agreement.

he said , " Add to that some of the growing optimism about the OPEC agreement to get on the movement of two dollars. "

US crude was up $ 2.49 at $ 45.81 a barrel , up 5.8 percent, the biggest daily increase Celsius since early April.

and determine the settlement price of the futures contract for Brent at $ 46.95 a barrel , up US $ 2.52, equivalent to 5.7 percent, the biggest percentage gain since Sept. 28.

both already allocated the lowest levels in three months on Monday.


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