Crude continues rally, adds 4% ahead of OPEC meeting
Energy prices continued to extend their gains on Wednesday ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting due later today. As investors remained hopeful the major oil producers may come to an agreement on the long-awaited oil output freeze, oil prices jumped 4% in the anticipation of the Vienna meeting’s outcome. OPEC's secretary general promised the deal will be reached today.
West Texas Intermediate for January delivery traded 3.61% higher, changing hands for $46.83 per barrel at 9:58 p.m. CET. Meanwhile, international benchmark Brent for settlements in January also gained 4.01% to trade for $48.20 per barrel at 10:02 a.m. CET.