Oil futures rallied on Thursday after unconfirmed reports that the Organization of the Petroleum Exporting Countries and producers outside the cartel will meet in February to discuss a cut to production. Russia’s oil minister Alexander Novak said Saudi Arabia has suggested a 5% cut in oil production and that the size of the cuts are currently being discussed, according to Russian news agency Interfax. Crude oil futures jumped to as high as $34.82 immediately after the report, and were up 5.1% at $33.93 a barrel at the latest. Brent jumped 5.2% to $35.70 barrel.
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