Source: CNBC

U.S. oil closed at its highest since November of last year after a report that top producers Russia and Saudi Arabia have already agreed to freeze output ahead of a much-anticipated producers meeting on Sunday. Russia’s Interfax news agency quoted a diplomatic source in Doha saying that Russia and Saudi Arabia have reached an agreement today about an output freeze and that the final decision will not depend on Iran.

While that may be great news for the oil industry who needs to get the huge oil stockpiles under control, it’s not clear yet whether the agreement will actually be officially reached on Sunday.