Oil Prices Edge Up Ahead of OPEC Meeting on Output Cuts

تم نشره في Thu 24 November / Nov 2016. 07:39 PM
  • A worker checks the valve of an oil pipe at Al-Sheiba oil refinery in the southern Iraq city of Basra, Iraq, April 17, 2016. – (REUTERS)

LONDON — Oil prices were slightly higher on Thursday ahead of next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss implementation of its proposed cap on production.

Brent crude futures LCOc1 were up 12 cents at USD49.07 a barrel at 1501 GMT (10:01 a.m. ET). U.S. West Texas Intermediate (WTI) crude CLc1 rose 9 cents to USD48.05.

Traders said market activity was low because of the U.S. Thanksgiving holiday and there was a reluctance to take on big price bets amid uncertainty about the planned OPEC-led production cut.

OPEC is due to meet on Nov. 30 to coordinate the cut agreed in Algiers in September, potentially with the cooperation of Russia, which is not a member of the group.

Russia could revise down its 2017 oil production plans if a global output freeze comes into force, effectively cutting output by 200,000-300,000 barrels per day (bpd), Energy Minister Alexander Novak said on Thursday.