Oil prices jumped higher on Wednesday

International benchmarks for oil prices surged more than 5% on Wednesday (28 September) as OPEC members agreed on a surprising framework to limit production output. Yet, final decision would only be discussed in official meeting in November. However, many analysts are still sceptical that OPEC members would comply with production cuts as Iran, Libya and Nigeria vowed to increase their output.

WTI closed at $47.05/barrel (+$2.38) for November delivery

Brent closed at $48.69/barrel (+$2.72) for November delivery