Oil up 4% on Opec meeting

Oil up 4% on Opec meeting
Opec and other exporters led by No 1 producer Russia are meeting informally on the sidelines of the International Energy Forum in Algeria.

new york/london - Nervous trade drives volatility to highest level since Doha meeting in April



Oil jumped nearly four per cent on Monday as the world's largest producers gathered in Algeria to discuss ways to support prices, with nervous trade driving volatility to its highest since a similar meeting to freeze output in April in Doha which failed.

The Organisation of the Petroleum Exporting Countries and other exporters led by No 1 producer Russia are meeting informally on the sidelines of the International Energy Forum in Algeria from September 26 to 28 to discuss steps to tackle a price-eroding glut of crude.

Brent crude futures were up $1.75, or 3.8 per cent, at $47.64 a barrel by 11.19am EDT (1519 GMT). US West Texas Intermediate (WTI) crude futures rose $1.65, or 3.7 per cent, to $46.13.

Implied volatility, a gauge of how much oil prices move, was at its highest since April 18, when the meeting in Doha among Opec members to discuss an output freeze ended in an impasse, leaving crude at just above $40. - Reuters


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