MW: Oil jumps 7% on renewed hope of Russia-OPEC output cuts
Oil futures rallied on Thursday after unconfirmed reports that the Organization of the Petroleum Exporting Countries and producers outside the cartel will meet in February to discuss a cut to production. Russia's oil minister Alexander Novak said Saudi Arabia has suggested a 5% cut in oil production and that the size of the cuts are currently being discussed, according to Russian news agency Interfax. Crude oil futures CLH6, +5.02% jumped to as high as $34.82 immediately after the report, and were up 5.1% at $33.93 a barrel at the latest. Brent LCOH6, +5.14% jumped 5.2% to $35.70 barrel.
