Vienna, Austria (BBN)-It’s likely to be a volatile few days for oil prices.
Members of OPEC oil producing nations will meet in Vienna on Wednesday to try to reach a deal to cut oil production, reports BBC.
The idea is to support sagging oil prices, but OPEC nations have been struggling to agree over how any cuts will be divided up.
On Friday oil prices fell 3% and have bounced around in Asian trading this morning.
A short while ago, North Sea Brent Crude was down 15 cents a barrel at $47.09 per barrel.
“Talks are going down to the wire… when it comes down to it , no one wants to be the one to cut,” said Sue Noffke, UK equities fund manager at Schroders on Wake Up To Money.