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Oil prices rise ahead of OPEC meeting

The Address | Benghazi – Libya

SINGAPORE – Oil prices rose on Wednesday ahead of a meeting of the Organization of the Petroleum Exporting Countries next week, in which members are expected to decide some form of cut production to face a looming glut.

Global Brent crude <LCOc1> was up 44 cents, or 0.7 percent, at $ 60.65 a barrel. WTI was up $ 51.88 a barrel after rising 32 cents, or 0.6 percent.

Despite today’s rise, oil prices have fallen more than 30 percent since early October under pressure from oversupply and weak financial markets on a large scale.

OPEC meets on December 6 in Vienna to discuss production policy with some producers from outside the organization, including Russia.

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