Brent futures continue advance as OPEC delegate says deal likely

Crude oil prices continued to gain altitude at a fast clip, helped by the continued positive news-flow surrounding a two-day technical meeting between delegates from the Organisation of the Petroleum Exporting Countries.

Commenting on the situation, a member of the Nigerian delegation, Ibrahim Waya, told the Wall Street Journal that "it is likely everybody will be on board by the end of the day”.

Following the first day of the meeting to try and iron-out the details of a combined production freeze to prop up prices reports indicated that progress had been made.

According to the Journal delegates had indicated that stoicking points remained, including around discrepancies between the independent data used by the group, members´ own disclosures and Iran´s plans to increase output.

As of 1050 GMT front month Brent crude futures were rising by 1.73% to $49.76 per barrel on the ICE.