Oil prices rise as OPEC meets in Vienna

Thursday, 05. December 2019 13:51

Crude prices moved higher on Thursday as members of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers met in Vienna to discuss output cuts.

Iraq's oil minister said earlier that key members of the cartel, including Saudi Arabia, are in favor of deepening cuts. It was also reported that Riyadh is threatening to boost production if not all members are compliant with the cuts that were agreed upon.

Brent for February settlement was up 0.81% to $63.54 per barrel at 7:32 am ET, while West Texas Intermediate for January gained 0.33% to $58.61 a barrel.

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Breaking the News / JC