Oil trades higher ahead of OPEC meeting
Energy prices traded in the green on Wednesday as investors braced themselves for the outcome of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna later today. Market watchers are hoping the major oil producers will be able to agree and finalize the crude output freeze deal needed to battle the prevailing global oversupply in the energy market.
Oil prices are expected to remain highly volatile as they will greatly depend on the OPEC decision. Crude has fallen over 4% during yesterday’s trading after Saudi Arabia, Iran and Iraq showed the lack of willingness to cooperate and reach an agreement. However, investors are hoping that oil exporters will put their differences aside and attempt to reach an agreement.
West Texas Intermediate for January delivery added 0.88% to trade for $45.60 per barrel at 7:37 a.m. CET. Meanwhile, international benchmark Brent for settlements in January gained 1.17%, changing hands for $46.88 per barrel at the same time.