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Oil Gains Before OPEC Meetings, Helped by Decline In U.S. Inventories


Wednesday, 4 December 2019 14:44 WIB

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Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than expected helped to lift prices.

Brent crude (LCOc1) futures were up 44 cents, or 0.7%, at $61.26 a barrel by 07:06 GMT.

U.S. West Texas Intermediate (WTI) crude (CLc1) futures were up by 38 cents, or 0.7%, at $56.48.

The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a group known as OPEC+ - are preparing to approve deeper crude output cuts this week, when they meet in Vienna, according to Iraq, the group's second-biggest producer.

Source : Reuters


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