Oil's rallying as OPEC talks begin

Oil’s up.

Prices for Brent crude oil, the international benchmark, are up 1.6% at $47.24 per barrel as of 8:50 a.m. ET.

Meanwhile, OPEC members and Russia are gathering in Algiers, Algeria for a much-buzzed-about informal energy talks.

For the most part, analysts aren’t getting their hopes up for any sort of agreement among the producers to a production freeze this time around — although Bloomberg reports that others think that “the chance of the group eventually taking action is growing.”

“There is considerable speculation that some sort of deal to limit output will be forthcoming, but we are sceptical that agreement will be reached,” argued the Capital Economics commodities team, headed by Julian Jessop, in a note to clients last week.

Reuters reported on Monday that Bijan Zanganeh, Iran’s oil minister, downplayed the talks, noting that “this is an advisory meeting and that’s all we should expect from it.”

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