Oil prices rise toward $57bpd ahead of OPEC meeting

Oil prices were largely up on Thursday, as traders waited to see whether oil- producing countries set to meet in Vienna would extend production limits to reduce the global crude glut.

By 11.56 am, Brent crude was trading at $56.29 a barrel. U.S. crude was $50.64.

Ministers from the Organisation of the Petroleum Exporting Countries(OPEC), Russia and other producers would meet in Vienna on Friday to consider extending an agreement to reduce output by about 1.8 million barrels per day (bpd).

Many analysts expected them to extend the deal that currently lasted till March, but many also said prices at current levels could encourage some countries to boost production.

Oil prices surged more than 15 per cent over the last three months as global oil supply tightened.

That gain would make this the strongest third quarter for the market since 2004.

  • Reuters/NAN

 

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