Oil strengthened in Europe, pushing the stock markets higher as OPEC oil ministers traveled to Iran to talk about a possible production freeze between global oil producers.
At the time of writing, Brent futures were up 80 cents or 2.5% at USD 33/barrel. WTI futures were up 62 cents or 2.12% at USD 29.67/barrel.
Prices dipped in early Europe on Skepticism over the possible freeze. Comments from Iran’s OPEC envoy suggested the nation is unlikely to implement production freeze with immediate effect since it intends to capture market share lost during sanction years.
However, prices seem to have turned higher as producers’ meeting is being read as the first step towards joint OPEC and non-OPEC effort to boost prices.
Oil traders await the conclusion of the meeting between OPEC and Iran. Later in the day, US government’s weekly inventory data could influence prices.
