Oil rises on Iraq Opec pledge

Oil climbed as Iraq’s oil minister said it pledged to co-operate with the Organization of the Petroleum Exporting Countries (Opec) to reach an agreement this week that’s acceptable to all members.

Iraq’s oil minister, Jabbar al-Luaibi, said he is “optimistic” a deal will be reached at Opec’s summit in Vienna tomorrow.

Saudi Arabia previously said the producer group does not necessarily need to curb oil output, after pulling out of a scheduled meeting with non-members including Russia.