Oil prices jumped over 5 percent on Wednesday morning on hopes that OPEC may agree an output cut at its meeting in Vienna.

The 14-country group, which accounts for a third of global oil production, is set to meet this morning at 0900GMT to finalise the first production cut in eight years, which was voted for in September.

Tensions between Iraq, Iran and Saudi Arabia have blighted hopes this week that an agreement will be voted for, with oil prices falling 4 percent yesterday. Some analysts believe the meeting may not produce a deal, but oil surprise jump this morning suggests that investors remain hopeful.

Yesterday Indonesian Energy Minister Ignasius Jonan told reporters that he was unsire as to whether Opec would be able to forge an agreement: “I don’t know. Let’s see. The feeling today is mixed.”

30/11/2016