Oil minister “optimistic” a deal will be reached at OPEC’s summit - ANZ

Analysts at ANZ explained that crude oil prices rallied.

Key Quotes:

"Crude oil prices rallied as yesterday’s pessimism about a production cut agreement turned to optimism as OPEC reiterated its goal to reach an agreement.

Saudi Arabia had earlier suggested the group doesn’t necessarily need to cut production.

However, Iraq’s Oil Minister Jabbar al-Luaibi said he’s “optimistic” a deal will be reached at OPEC’s summit in Vienna on Wednesday. Some OPEC members also travelled to Moscow to try to convince Russia to join the production cut agreement.