Off the wire
• Old vase bought at car boot turns out to be Imperial Palace treasure  • Assad expresses skepticism over Trump's ability to fulfill anti-terror promises  • Homes built in Britain highest level for eight years  • French president wants to extend state of emergency until next May  • U.S. dollar rises on upbeat data  • U.S. stocks rally on upbeat data, surging oil  • U.S. stocks rally on upbeat data, surging oil  • Huawei unveils strategy, ICT solutions at Barcelona Smart City expo  • Food production in Syria reaches record low, UN agency says  • UNICEF makes venture capital investments in emerging market tech start-ups  
You are here: 　 Home

Oil prices bounced back on hopes for OPEC output freeze deal

Xinhua, November 16, 2016 Adjust font size:

Oil prices bounced back on Tuesday from three sessions of losses as the market saw an increasing chance for the Organization of Petroleum Exporting Countries (OPEC) to reach an output freeze deal by the end of this month.

Media reports said on Tuesday that OPEC countries have embarked on diplomatic talks in order to overcome differences among the group members, with Qatar, Algeria and Venezuela leading the effort.

OPEC struck a deal in September to limit crude output at a policy meeting to be carried out this month, first agreement to cut output since 2008. Production levels for each member country will be decided at the meeting which will be held on Nov. 30 in Vienna, Austria.

The West Texas Intermediate for December Delivery added 2.49 U.S. dollars to settle at 45.81 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased for 2.52 U.S. dollars to close at 46.95 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem