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OPEC+ officials set to meet on Wednesday

Yahoo Finance Video

Oil markets are moving sharply higher ahead of OPEC+ members meeting in Vienna on Wednesday.

Video Transcript

Here's what I'm watching tomorrow, oil, ahead of an all-important meeting of OPEC plus members in Vienna. The meeting in person for the first time in two years. Reports from Reuters suggest a dramatic cut in production between 500,000 and 1 million barrels per day, which would be historic. "The Wall Street Journal" reporting the cut could be as large as 1 and 1/2 million barrels a day.

WTI and Brent both jumping more than 3%. As you can see, WTI settling at $86.35 and Brent at $91.60, respectively. WTI up nearly 9% in the past two sessions, the largest two-day gain since April 13th.