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12/2/2020, 5:16 PM (Source: TeleTrader)
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Oil prices climb ahead of OPEC+ decision

Oil prices pushed higher on Wednesday as investors awaited the decision from the Organization of the Petroleum Exporting Countries and allied producers led by Russia on extending output cuts.

The cartel and its allies are expected to continue discussions and reach a decision on Thursday. Meanwhile, the Energy Information Administration reported that United States crude inventories fell by 700,000 barrels last week, a smaller-than-expected decline.

Brent for February delivery gained 1.10% to $47.93 per barrel at 11:00 am ET. At the same time, West Texas Intermediate for January jumped 1.26% to $45.08 per barrel.

Breaking the News / JC