Oil prices surged 6 percent this morning on hopes of a meeting between OPEC oil ministers, which may end the global supply glut that has had an unprecedented effect on commodities.

Venezuela’s Oil Minister Eulogio Del Pino has in recent weeks been visiting major oil producers to gather support for a meeting to freeze production levels, enabling demand to catch up with supply in the market. Oil prices have jumped in recent weeks as rumours of a positive outcome have emerged.

Today it was announced that Saudi Arabian oil minister Ali al-Naimi is in talks with Russia’s Alexander Novakin Doha, according to a Qatar Energy Ministry adviser. The closed-door meeting started in Doha, the results of which will be released to the press on Monday.

Brent crude was up $1.87 at $35.26 a barrel by 0824 GMT, extending its 11-percent rally from the past two days. U.S. crude was up $1.49 at $30.93.

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