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Oil prices rise as OPEC meeting begins

Xinhua, September 27, 2016 Adjust font size:

Oil prices climbed on Monday as world major producers kicks off a meeting to discuss ways to support the market.

OPEC (Organization of the Petroleum Exporting Countries) members and Russia are scheduled to meet on the sidelines of the International Energy Forum in Algeria from Sept. 26 to 28.

Although countries including Saudi Arabia have downplayed the meeting as "a chance to consult rather than take a decision on output levels", it is still widely expected that the key oil producers may reach an output-cut deal during the meeting to stabilize the market.

The West Texas Intermediate for November delivery added 1.45 U.S. dollars to settle at 45.93 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 1.46 U.S. dollars to close at 47.35 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem