Oil prices rise ahead of OPEC meeting

0 Comment(s)Print E-mail Xinhua, November 25, 2017
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NEW YORK, Nov. 24 (Xinhua) -- Oil prices climbed on Friday in a U.S. holiday-shortened session, as investors were awaiting the closely-watched OPEC (Organization of the Petroleum Exporting Countries) meeting next week.

OPEC and other key oil producers will meet on Nov. 30 to discuss whether to extend the current price-supporting curbs on crude output.

The group has been restraining output since the start of this year in a bid to end a global oversupply. It is widely expected that the agreement will be extended to cover the whole of next year.

Meanwhile, a weak dollar boosted market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was down 0.47 percent at 92.780 in late trading.

The West Texas Intermediate for January Delivery added 0.93 dollar to settle at 58.95 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery gained 0.54 dollar to close at 63.86 dollars a barrel on the London ICE Futures Exchange. Enditem

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