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Oil bounces back on OPEC deal hopes


economy

Oil bounces back on OPEC deal hopes

Oil prices jumped on Tuesday on expectations that top producers from the Organization of the Petroleum Exporting Countries may be able to reach an agreement to pump less crude.

They needs to do that to reduce a huge supply glut.

News of an attack on a major oil pipeline in Nigeria gave an additional push to prices, but at the same time production is rising in Libya.

OPEC members are due to meet on November 30 to talk about limiting output.

An outline deal was reached in September, but negotiations on the details are proving difficult, according to officials.

Reportedly the Saudi Energy Minister Khalid al-Falih will travel to the Qatari capital, Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum.

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