Oil gains 1% in Asia on hopes of OPEC deal

Oil advanced 1% at both sides of the Atlantic on speculation the OPEC may be close to reaching an output deal to support prices.

Brent oil was last seen trading 1.10% or 49 cents higher at $47.35/barrel. WTI oil was last seen trading 1% or 50 cents higher at $46.85/barrel.

There is speculation in the market that an OPEC deal could happen this time as the cartel is likely to grant exemption to Iran. Moreover, Iran’s output has neared pre sanction levels, which means the nation, may not play a hardball as it did in the previous two efforts to curb in supply.

Furthermore, Putin was out wires stating there is great chance of OPEC deal and that Russia is ready to freeze its output.