Oil Prices Soar Over 10% On Report Venezuela Asked For Emergency OPEC Meeting

By Myra P. SaefongMarketWatch Pulse

Oil futures soared Thursday, with U.S. prices jumping more than 10% on a report that Venezuela has asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting. Venezuela has also asked OPEC to consider a coordination with non-OPEC Russia to discuss a strategy to stem the recent rout in oil prices, The Wall Street Journal reported, citing people familiar with the matter. Oct. crude rose $3.96, or 10.3%, to settle at $42.56 a barrel on the New York Mercantile Exchange. The WSJ report came out in the minutes ahead of the Nymex settlement. Oil prices were already climbing on the heels of a stock-market rally and upbeat U.S. economic data.

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