Oil prices are up over 2%
Oil prices are up over 2% amid raised prospects for a credible supply cut agreement among the big oil producing nations. Front-month NYMEX futures are showing a 2.1% gain, at $47.34, which is 2 cents off the three-week high logged earlier. Russia's Putin said over the weekend that there were few obstacles for an supply cut agreement, while Iraq has reportedly submitted proposals about what it is prepared to commit, and Iran's oil minister said that the Vienna meeting on November 30 should produce a deal. A ebb in the dollar is also in the mix of lower crude prices today. Base metals and other commodities are also rising today. NYMEX cruse is presently up by 9.4% w/w, but still down by 6.8% down on the month-on-month comparison.