Oil rises as OPEC weighs deeper output cuts
Thursday, 5 December 2019 19:00 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil prices rose on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year.

Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies led by Russia by more than 400,000 barrels per day (bpd) from their current level of 1.2 million bpd.

The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna followed by a meeting on Friday with Russia and other producers. That group is known as OPEC+.

Brent crude futures were up 44 cents, or 0.7%, to $63.44 a barrel by 11:37 GMT. Brent surged 3.6% on Wednesday. West Texas Intermediate (WTI) crude futures were up 17 cents to $58.60 a barrel. They settled 4.2% higher on Wednesday.

Source : Reuters

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