Oil surges 6% to back above $30 a barrel

Oil prices surged Wednesday as U.S. benchmark crude jumped more than 6% and moved back above $30 a barrel on hopes that a proposal on freezing oil production levels by major oil producers would be implemented.

Several OPEC nations are in talks about a freeze, but Iran initially said it won’t stop increasing its exports.

Russia, Saudi Arabia, Qatar and Venezuela agreed to   cap crude production at January levels if other major producers follow suit following a meeting in Doha, Qatar on Tuesday.