Crude oil spikes as more OPEC rumors surface
West Texas Intermediate crude oil is higher by 1.08% at $49.64 per barrel as of 9:25 a.m. ET following more reports crossing the wires about a potential production freeze or even a cut.
Reuters says Saudi Arabia and its Gulf OPEC allies are considering cutting their production by 4%. However, its seems like not everyone is on board with that. A separate headline from Reuters indicated Russia would freeze production at current levels, but not reduce output.
OPEC meets on November 30 in Vienna, Austria.
Brent crude oil, the international benchmark, is up 1.43% at $50.61 per barrel.
Popular on BI
- Billionaire investor Mark Mobius says he's been able to get his money out of China, but investing in the country is still a 'dilemma' amid national security laws
- The Carnival cruise passenger who went overboard and remains missing was on his first cruise and it became his 'happy place,' his fiancée said
- The new Barbie movie used so much pink paint on set that it caused an international shortage, according to its production designer
- Manoj Bajpayee joins the league of on-screen lawyers like Pankaj Tripathi, Shriya Pilgaonkar & more
- List of famous things to buy in Lonavala
- Attractiveness of gold depends on US Fed's moves, say analysts
- Coal India’s ₹4,000 crore offer for sale subscribed 4x times
- Nvidia's Jensen Huang started with a $10 million failure before shifting gears to become a $1 trillion company