Oil prices perk up on trade truce, possible OPEC decision

Oil Pump Jack, Photo Date: Dec. 27, 2014 / Photo: Pixabay / (MGN)

A rally in oil prices after a two-month slide indicates traders are betting that OPEC and its allies including Russia will agree to produce less crude.

Representatives of oil-producing nations will hold a highly anticipated meeting Thursday in Vienna, with analysts predicting that they will agree on a cut of at least 1 billion barrels a day in an effort to bolster prices.

Russian President Vladimir Putin boosted expectations for a deal when he said at the G20 summit over last weekend that Russia and Saudi Arabia have agreed to extend an attempt by OPEC to balance oil supply and demand - although he provided no figures.

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