Crude prices soar in nervous trading ahead of OPEC gathering
On Wednesday, crude markets ascended in nervous trading, ahead of an OPEC gathering later in the day, with members of the producer cartel trying to thrash out a production cut to suppress oversupply, which has seen crude prices more than halve since 2014.
International Brent crude futures were worth $46.80 a barrel, rising 0.91% from its last close. American West Texas Intermediate crude future traded +0.51%, showing $45.46 a barrel.
Market participants told that financial markets were quite jittery, and that crude prices could steeply swing either way depending on developments at the OPEC meeting in Vienna.
Crude sank almost 4% last session, following disputes between Saudi Arabia, Iraq, Iran, regarding details of the planned output cut.
Notwithstanding the disagreements, the vast majority of experts still expect some form of deal to emerge.
Iran and Iraq are currently resisting pressure from Saudi Arabia to curb output, making it hard for the group to come to a compromise.