Oil prices surge ahead of OPEC meeting next week

Price of Brent Crude climbed 2.2% to $48 a barrel

Oil prices rose to a three-week high as a deal to cut production appears more likely when OPEC members meet in Vienna on 30 November.

The price of Brent Crude climbed 2.2% to $47.89 a barrel on Monday, on the back of ‘loose terms' to limit oil output being agreed with Iran and Saudi Arabia. The members of the Organisation of the Petroleum Exporting Countries (OPEC) are meeting on 30 November do discuss a cap on oil output in an effort to halt the decline of oil prices seen this year. Vontobel commodity duo: No OPEC deal could see oil price fall to $30 Iran had been the main stumbling block in recent weeks for the deal, after the country increased its oil production in an attempt to regain its market share after U...