OPEC keeps financial markets guessing on output cuts

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Financial markets are on edge Wednesday as the 14-nation Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna wavers on a plan announced nearly two months ago to cut crude oil output, though there are expectations "a deal of some sort" may be pushed through to salvage the situation, said a Sydney-based wealth manager.

"OPEC's message has to arrest the thought process that we are going back into a bear market," Ayers Alliance Securities chief investment officer, Jonathan Barratt, told CNBC's "Street Signs".

Global crude prices trended higher on Wednesday amid conflicting remarks by ministers attending the Vienna talks, that called into question OPEC's ability to come to agreement about a cut in production agreed to in September, with the details for each country to be worked out by Nov. 30.

OPEC logo at its headquarters in Vienna, Austria.
Heinz-Peter Bader | Reuters

OPEC members agreed at a September meeting in Algiers that they would work on an agreement to cut production to between 32.5 and 33 million barrels a day. The group produced more than 33.6 million barrels a day in October.

Oil prices have been in an extended slump since the summer of 2014 as demand growth slows and U.S. shale oil production challenges traditional crude oil producers.

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