Oil prices higher as OPEC may extend cuts

Thursday, 21. November 2019 16:15

Oil prices rose on Thursday following a report that the Organization of the Petroleum Exporting Countries (OPEC) and allied crude producers are on track to extend supply cuts.

The Reuters report which cited OPEC sources suggested the cartel will agree to further cuts at its December 5 meeting, which would extend until mid-2020.

Meanwhile, a different report said US officials have been invited to China for another round of trade talks before Thanksgiving.

January Brent jumped 1.23% to $63.12 per barrel at 10:04 am ET, while West Texas Intermediate for January settlement as well climbed 1.60% to $57.86 a barrel.

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Breaking the News / JC