Oil is going nuts ahead of a 'significant announcement' from Saudi Arabia

The price of oil is going crazy on Monday as investors around the world wait for a "significant announcement" from Saudi Arabia's energy minister Khalid al-Falih at the G20 summit currently going on in China.

Al-Falih will make an announcement at 10:30 a.m. BST (5:30 a.m. ET) and it is thought that he could open up the possibility of a deal between Saudi Arabia and Russia to tackle weak prices and rein in oversupply in the markets.

The announcement comes after Saudi deputy crown prince Mohammed bin Salman told Russian President Vladimir Putin on the sidelines of the summit that cooperation between the two countries would bring benefit to the global oil market, according to a report from Reuters.

As a result, both major oil benchmarks are higher by more than 4.5% on Monday. Here's how WTI, the US benchmark looks at around 10:15 a.m:

And here's Brent, the international benchmark: