Crude oil rises ahead of OPEC meeting

Views Date 24/05/2017 - 21:17

Economy News _ Baghdad:

LONDON (Reuters) - Oil prices rose in European trading on Wednesday for a sixth consecutive session, gaining more ground on the back of OPEC's possible extension of production cuts for another nine months when it meets on Thursday.

London Brent crude futures for July delivery rose 20 cents to $ 54.35 a barrel, after hitting a 19-year high of $ 54.43 the previous day.

Oil ministers from the Organization of the Petroleum Exporting Countries and other major producer countries will meet in Vienna on Thursday to decide whether to extend the current production agreement beyond June 30.

In November last year, the Organization of Petroleum Exporting Countries (OPEC) and 11 other non-OPEC countries, including Russia, agreed to cut production by 8.1 million bpd between January 1 and June 30.

Most market analysts expect the oil sector to extend production cuts for another nine months until March 2018 instead of six months as previously expected.

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