Brent crude hits $50 on OPEC deal optimism

11/30, 1:11 PM (Source: TeleTrader.com)

Oil prices skyrocketed almost 8% with Brent hitting the 50-dollar mark on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) neared an agreement on cutting crude production at the cartel's meeting in Vienna.

Saudi Energy Minister Khaled al-Falih said that OPEC may reach a deal to lower crude output by over one million barrels per day and claimed some non-OPEC oil producers might join the production cut.

Brent for January delivery soared 7.90% to sell for $50.02 per barrel at 12:59 p.m. CET. The international oil benchmark reached a session high of $50.12 per barrel seconds earlier. WTI surged 7.68% to go for $48.64 per barrel at 1:00 p.m. CET.

Teletrader Newsroom / NP