Crude oil surges on oil production cuts prospects - ANZ

Analysts at ANZ noted that crude oil surged as prospects of OPEC reaching agreement over production cuts increased. 

Key Quotes:

"Iranian Oil Minister Bijan Namdar Zangeneh said it’s “highly probable” OPEC will reach a consensus at the talks."

"This was followed by comments from Russian President Putin, who said there is a strong likelihood that an agreement will be reached."

"This has seen a surge in long positions in WTI held by traders to 1.47 million contracts."