Oil Prices Rise on Hopes of OPEC-led Production Cuts

Vienna, AT, February 15, 2016—Oil prices rose in choppy trading on Monday, following news that talks between members of Organization of the Petroleum Exporting Countries may manifest in productions cuts.

Such cuts would serve to rebalance the surplus in the market.

Oversupply is the main cause of low oil prices over the past two years.

Large suppliers such as Saudi Arabia, Iran and Russia have been reluctant to scale back production under the fear that U.S. suppliers might see it as an opportunity to expand their marketshare, according to MarketWatch.