New York — Oil prices jumped as much as 5% on Tuesday, bouncing back from multi-month lows on renewed expectations that Opec will agree later this month to cut production to reduce a supply glut that has weighed on prices for more than two years. Saudi Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum, sources familiar with the matter told Reuters. The Organisation of the Petroleum Exporting Countries is due to meet on November 30 to hammer out the terms of a deal to limit output. An outline deal was reached in September but negotiations on the detail are proving difficult, officials say. Traders and analysts also pointed to a report from Monday about a last ditch effort by Opec to bring the world’s top producers together to rein in production, saying it triggered a wave of short covering. "Clearly the market is now seeing increased chances of an Opec production c...
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