Accurate Mcx Tips Update
Oil prices jumped on Monday as optimism rose that major producers might reach a price support deal, helping US stocks to notch a fifth straight session of gains. Brent hit its highest level since December, climbing USD 2.12, or 5.5 percent, to settle at USD 40.84 a barrel, while US crude rose USD 1.98, or 5.5 percent, to settle at USD 37.90. Oil has rallied in recent weeks amid increasing hope that OPEC producers may be moving toward a production freeze to support prices in an oversupplied market.
On Monday, the Ecuadorean government said Latin American oil producers agreed to meet on Friday in Quito to coordinate a strategy to support crude oil prices.
In other commodities markets, spot iron ore prices jumped 19 percent, helped by expectations that Chinese steel mills were planning production cuts.
Oil prices jumped on Monday as optimism rose that major producers might reach a price support deal, helping US stocks to notch a fifth straight session of gains. Brent hit its highest level since December, climbing USD 2.12, or 5.5 percent, to settle at USD 40.84 a barrel, while US crude rose USD 1.98, or 5.5 percent, to settle at USD 37.90. Oil has rallied in recent weeks amid increasing hope that OPEC producers may be moving toward a production freeze to support prices in an oversupplied market. 
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