Crude oil is spiking

Crude oil prices are surging after a report that OPEC may soon discuss an output cut.

According to reports from Russia’s international news agency cited by Bloomberg, Russia’s energy minister Alexander Novak says OPEC may meet in February to discuss a 5% cut in output.

Last week at the World Economic Forum, a Saudi Arabian official said the country was maintaining production levels, and expects a recovery in oil prices this year. The comments further exposed a divide among OPEC members; some countries would rather lower production to prop up oil prices and revenues from crude, while Saudi wants to continue fighting for market share.

Brent crude, the international benchmark of crude prices, rose by as much as 5% to $35.82 per barrel. West Texas Intermediate crude oil, the US benchmark, jumped nearly 5% to about $33.87 per barrel.

Here’s a chart of WTI:

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