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Tuesday, 15 November 2016

Oil prices soar six percent on renewed hopes of OPEC output deal | Reuters

Oil prices soar six percent on renewed hopes of OPEC output deal | Reuters:
"Oil prices jumped 6 percent on Tuesday, with U.S. crude notching its biggest daily percentage gain in seven months, on renewed expectations that OPEC will agree later this month to reduce a global supply glut.

OPEC secretary-general Mohammed Barkindo will travel to member nations, including Iran and Venezuela, over the next several days to discuss the deal ahead of the group's meeting in Vienna on Nov. 30.

The Organization of the Petroleum Exporting Countries agreed to an outline of the deal in September but with two weeks to go before the next meeting, disagreements persist among OPEC members and non-OPEC Russia on the exact details of the deal."

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