Oil Futures Add To Sharp Rise In Electronic Trading

By Markets MarketWatch Pulse

Oil futures gained more ground in electronic trading late Wednesday, with West Texas Intermediate crude prices trading at $32.74 a barrel, up from the $32.28 settlement on the New York Mercantile Exchange. Prices rose 8% during Wednesday's regular session. The Petroenergy Information Network, or SHANA, which stands for its Persian acronym, reported Wednesday that Venezuela's oil minister said six oil producing countries have agreed on a plan to hold an emergency meeting of members of the Organization of the Petroleum Exporting Countries and non-OPEC members. "Iran has agreed to take part in the meeting and Russia has already announced its agreement," SHANA quoted Venezuela's Eulogio del Pino as saying. The report made no mention of oil heavyweight Saudi Arabia, whose participation would be essential to any plan to cut output.

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