News 3 december — 11:37

Oil prices rise on potential OPEC+ cuts

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Oil prices gained on Tuesday, as hopes rose for OPEC and its allies to agree deeper output cuts when they meet this week, although gains were limited, amid some analysts’ scepticism over the achievement of further reductions, Reuters reports.

Brent futures rose 17 cents, or 0.3%, to $61.09 a barrel by 0516 GMT, after having gained 0.7% on Monday.

U.S. West Texas Intermediate crude was up 25 cents, or 0.5%, at $56.21 a barrel. The contract rose 1.4% on Monday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said.

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