Crude soars on OPEC optimism

|By:, SA News Editor

Hope is growing for a deal to cut crude output as OPEC oil ministers voice optimism at their all-important meeting in Vienna.

Despite some conflicting statements, representatives of Iran, Iraq, Saudi Arabia and the OPEC Secretary-General are assuming the group will reach a deal by this afternoon, when members spell out what they have agreed to in terms of supply levels.

Oil related stocks are doing well in the session as the price of crude jumps around 4-5% to over $47 per barrel.

Update (6:55 ET): Oil futures +7.1% to $48.42/bbl.

ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX