Oil prices surge on OPEC production cut expectations
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LONDON — Oil prices surged Wednesday on expectations of a production cut from the OPEC cartel of producers. Shares in oil companies rose in the slipstream of higher oil prices, helping indexes around the world to post solid gains.
OIL WATCH: The international benchmark for crude oil, Brent, soared $3.80, or 8.2
ANALYST TAKE: "No official announcement has been made yet, but the markets seem convinced about the outcome," said Fawad Razaqzada, an analyst at Forex.com. "The only thing speculators are not too sure about yet is the detail of the deal: who will cut oil production and by how much, and who will freeze and at what levels?"
OIL STOCKS: Higher oil prices mean more revenue for firms extracting oil. Unsurprisingly, oil stocks got a big boost from the higher crude rates in the markets. Britain's BP, for example, saw its share price spike 3.4
STOCK MARKETS: In Europe, France's CAC 40 was up 0.7
ASIA'S DAY: Japan's benchmark Nikkei 225 was flat, finishing at 18,308.48, and Australia's S&P/ASX 200 dropped 0.3
CURRENCIES: The euro was down 0.4