Crude oil futures scaled amidst international oil ministers' inability to agree to crude production levels at the oil-rich nations' meetings in Austria, Bloomberg reports.
For the first time in more than two decades, representatives at meetings for the Organization of Petroleum Exporting Countries in Austria could not concur. Six nations challenged a group led by Saudi Arabia, whose reputation for having the OPEC meetings follow its lead is renowned.
"It was one of the worst meetings we've ever had," Saudi Arabian oil minister Ali al-Naimi told Bloomberg. "We were unable to reach an agreement."
By 20 minutes after the meeting ended, crude oil futures surged 2.7 percent.
At 3:58 p.m. on Wednesday, crude oil futures gained 0.92 percent, a $1.07 increase to $117.85 per barrel.
MSN reports Saudi Arabia's motive was to lower prices of the commodity while Venezuela and Iran are seeking to drive prices higher. Crude oil's surge in price benefited other stocks.
Reuters reports the breakdown in negotiations prompted an uptick of 1 percent in the Standard & Poor's 500 energy index.
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