Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Oil jumps 7% on renewed hopes for OPEC deal

Published 2016-11-30, 08:04 a/m
DX
-
LCO
-
CL
-

Investing.com - Oil Wednesday jumped by over 7% on renewed hopes for an OPEC deal to curb output.
Brent crude added $3.43, or 7.25%, to $50.75 at 07:00 ET. U.S. crude was up 7.10% at $48.44.
Saudi Arabia said to agree to Iran freezing output at pre-sanction levels, paving the way for a possible overall agreement.
Libya and Nigeria would be exempt from cuts.
OPEC is due to hold a news conference at 10:00 ET.
OPEC reached a preliminary accord in September to cut output by up to one million barrels to 32.5 to 33 million barrels a day.
Official Energy Information Administration figures due Wednesday are expected to show a rise in U.S. crude inventories of 636,000 barrels.
The dollar index was higher. A stronger dollar depresses demand for oil.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.