Brent crude gained in London as OPEC ministers edged closer to maintaining some kind of collective supply pact.
Futures gained as much as 2 percent, reversing a slump on Thursday when it appeared that Iran might walk away from a deal and encourage rival producers including Saudi Arabia to go it alone. While comments on Friday from ministers of producer countries appeared to show an accord may be close, the precise outcome won’t be known until later, when a meeting of Organization of Petroleum Exporting Countries in Vienna concludes.
It emerged late Thursday that a committee of OPEC and allied producers had backed raising oil production by 1 million barrels a day. Effectively, though, the increase would be only about 600,000 barrels a day because several countries aren’t in a position to pump more if they want to. There were Russian proposals earlier this week to boost by 1.5 million a day.
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