Reuters: Oil prices climb on expected OPEC-led production cuts

08:55, 04 December 2018
Economy
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REUTERS

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.33 per barrel at 0604 GMT, up 48 cents, or 0.7 percent, from their last close, Reuters said.

Read alsoReuters: Oil prices jump 5 percent on U.S.-China trade war ceasefire; Qatar to leave OPEC

International Brent crude oil futures LCOc1 were up 51 cents, or 0.8 percent, at $62.20 per barrel.

Both crude benchmarks climbed by around 4 percent the previous session after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action.

The Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) will on December 6 meet at its headquarters in Vienna, Austria, to agree a joint output policy. OPEC will also discuss policy with non-OPEC production giant Russia.

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