Crude oil prices surged higher Tuesday amid signs that OPEC will cooperate on curbing production.
March oil settled at $31.45/bbl on Nymex, up $1.11, or 3.7%.
On Wednesday, the Federal Reserve is expected to signal interest rates will stay near zero for the near future, a bullish devlopment for oil prices.
An historic supply glut drove oil to the lowest in 12 years earlier this month.
Global economic headwinds might continue to weigh, but analysts say we may have seen the bottom in oil prices if OPEC is serious about turning off the spigot.
The material has been provided by InstaForex Company – www.instaforex.com