Brent crude and WTI: Oil prices rise as producers announce meeting on output freeze

Jessica Morris
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The pack rides past an oil refinery duri
The meeting will take place in Qatar (Source: Getty)

Oil prices rose today on an upcoming meeting in Qatar to discuss freezing ouput at January levels.

Brent crude, the global benchmark, rose 0.8 per cent to $39.05 per barrel this morning. Meanwhile, US West Texas Intermediate, the US benchmark, swelled by 1.2 per cent to $36.77.

Opec sources told Reuters that a meeting of producers, led by Saudi Arabia and Russia, to discuss an output freeze will take place on April 17.

They added that it wouldn't be derailed by the absence of rebel Opec producer Iran.

Iran has refused to join discussions until its output hits four million barrels per day.

Analysts have cautioned a production freeze deal would be meaningless without Iran's participation, as it and Iraq are the only Opec producers expected to materially ramp up output this year.

Meanwhile, others warned that it would merely maintain the current supply glut.

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