Brent crude surged above $35 a barrel as energy ministers from Saudi Arabia and Russia, two of the world’s biggest oil producers, met in Doha on Tuesday to discuss the market.
Futures climbed as much as 6.5 percent in London, heading for the biggest three-day gain since August. Saudi Oil Minister Ali al-Naimi is speaking with Russia’s Alexander Novak, Qatar’s energy ministry said. Representatives from Qatar and Venezuela are also attending, the ministry said.
Venezuela has lobbied exporters including Russia, Iran and Saudi Arabia to arrange a meeting between OPEC members and other suppliers in an attempt to reach an agreement to balance the market. Oil is still down about 5 percent this year amid the outlook for increased Iranian exports and BP Plc predicts the market will remain “tough and choppy” in the first half as it contends with a surplus of 1 million barrels a day.
Brent for April settlement advanced as much as $2.16 to $35.55 a barrel on the ICE Futures Europe exchange and was at $35.32 at 8:17 a.m. in London. The contract rose 3 cents Monday to close at $33.39 after an 11 percent gain Friday. The European benchmark crude was at a premium of $1.82 to West Texas Intermediate for April.
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