Oil Prices Growing Amid Reports on Upcoming Output Freeze Talks

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Crude oil prices are growing on Wednesday amid reports about alleged oil producers' meeting to be held on March 20, according to the latest commodity futures price quotes.

MOSCOW (Sputnik) — Earlier in the day, Iraqi Deputy Oil Minister Fayadh Nema said a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and oil producers that are not part of the cartel will be held in Moscow on March 20.

Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International
Signs of Hope: Four Reasons for Growing Oil Prices in Near Future
At 12:00 GMT, Brent May futures were priced at $40.37 per barrel, which is an 0.7-percent increase compared to the previous trading session. WTI April futures reached $37.06, up about 1.5 percent.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid an ongoing glut in global oil supply. The slump has caused significant financial problems for many oil exporting countries.

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