Oil soars 6% as OPEC nears deal
Crude prices soared over 6% on Wednesday on hopes the Organization of the Petroleum Exporting Countries (OPEC) member states will agree to cut oil output at the meeting in Vienna currently in progress. Saudi Arabia's Energy Minister Khaled al-Falih (pictured) told reporters that the cartel is nearing an agreement and that he believes Iran should freeze its production instead of cutting it.
Meanwhile, Venezuela's Oil Minister Eulogio del Pino stated at the meeting that Libya, Nigeria and especially Iran, because it is "recovering from sanctions," are a "specific case." Del Pino claimed that OPEC will reach a separate decision concerning the three countries.
International benchmark Brent for January surged 6.93% to sell for $49.55 per barrel at 11:54 a.m. CET. WTI for January delivery rallied 6.13% to go for $47.94 per barrel at 11:55 a.m. CET.