Oil prices surge nearly 5% as Saudi, Russian energy ministers due to meet later

Crude-oil prices rose sharply in Asia trade Tuesday on news that the Saudi Arabian and Russian energy ministers are set to meet in Qatar later today to discuss production, stoking speculation of a possible production cut or freeze.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH6, +4.65%  recently traded at $30.78 a barrel, up $1.38, or 4.6%, in the Globex electronic session. April Brent crude LCOJ6, +4.52%  on London’s ICE Futures exchange rose $1.41, or 4.2%, to $34.80 a barrel.

Oil prices have plunged more than 70% since June 2014 and could stay low for longer unless a drastic production cut helps to trim down the global supply glut.

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