BLOOMBERG.COM
Brent crude futures were up $3.33 at $49.71 per barrel by 11:02 GMT, on course for their biggest one-day move in nine months. US West Texas Intermediate crude futures were $2.95 higher at $48.18 a barrel. The Organization of the Petroleum Exporting Countries (Opec) started a meeting at 09:00 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. A source told Reuters that delegates were now discussing a bigger-than-expected cut in production of 1.4 million barrels per day.
Read more>
Brent crude futures were up $3.33 at $49.71 per barrel by 11:02 GMT, on course for their biggest one-day move in nine months. US West Texas Intermediate crude futures were $2.95 higher at $48.18 a barrel. The Organization of the Petroleum Exporting Countries (Opec) started a meeting at 09:00 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. A source told Reuters that delegates were now discussing a bigger-than-expected cut in production of 1.4 million barrels per day.
Read more>