Crude oil prices surged Thursday amid speculation that Venezuela is growing impatient with OPEC’s policy of keeping markets oversupplied.
Saudi Arabia and some of the big oil producers in the Middle East are content with keeping production high and prices low in an effort to stifle non-OPEC competitors.
Venezuela may be calling an emergency OPEC meeting to discuss the issue, Wall Street Journal reports.
Oct. crude rose $3.96, or 10.3%, to settle at $42.56 a barrel on the New York Mercantile Exchange.
A blockbuster U.S. GDP report help alleviate demand concerns.
The Commerce Department said real gross domestic product increased by 3.7 percent in the second quarter compared to the previously reported 2.3 percent growth.
The material has been provided by InstaForex Company – www.instaforex.com