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U.S. oil jumps above $30 as big producers set for Doha meet

Image: A worker grabs a nozzle at a petrol station in Tehran, Iran January 25, 2016. REUTERS/Raheb Homavandi/TIMA

 

(Reuters) – U.S. oil prices jumped back above $30 a barrel late on Monday as news of a rare private meeting of top officials from the world’s biggest oil producers spurred speculation of an eventual deal to tackle a deep supply glut.

U.S. crude rose $1.17, or 4.0 percent, to $30.61 per barrel by 6:04PM EST as the market reopened following a shortened holiday session, building on Friday’s more than 12 percent surge. Brent futures for April delivery were up 65 cents, a 2.0 percent gain, to $34.01 a barrel.

Due to the Presidents Day holiday, U.S. futures markets shut early on Monday, before news of the Doha meeting emerged. U.S. crude had been trading at around $29.76 prior to the news.

The world’s top two oil exporters, Saudi Arabia and Russia, will hold talks together with their counterparts from Venezuela and Qatar in Doha on Tuesday, sources told Reuters.

(Reporting by Jonathan Leff; Editing by Leslie Adler)

Copyright 2015 Thomson Reuters. Click for Restrictions.

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