Oil futures rallied to new session highs on Wednesday after Reuters reported that the Organization of the Petroleum Exporting Countries has reached a deal to limit crude production. The news agency had reported earlier, citing sources that group may announce a deal, but not provide details until OPEC’s official meeting in Vienna on Nov. 30. November West Texas Intermediate crude futures jumped $2.11, or 4.7%, to trade at $46.78 a barrel, minutes ahead of the settlement on the New York Mercantile Exchange. Nov. Brent crude on the ICE Futures exchange was up $2.41, or 5.2%, at $48.38 a barrel.
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