(Vienna) — Oil prices are up over seven-percent as some of the world’s largest oil producers look set to agree on a production cut that could be bigger than expected.
Brent crude went up to nearly 50-dollars a barrel this morning, and West Texas crude was up over 48-dollars a barrel.
OPEC ministers are meeting in Vienna to discuss terms of a potential deal to cut oil production.
The deal would prop up prices that have fallen sharply since 2014 due to oversupply.
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