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Oil prices increase amid market optimism

Xinhua, November 19, 2016 Adjust font size:

Oil prices increased Friday despite a strong U.S. dollar and rising U.S. rig count, as market becomes optimistic that an oil output cut deal will be reached by the end of this month.

Qatar's Energy Minister Mohammed Al-Sada said on Friday that informal meetings between some members of the Organization of Petroleum Exporting Countries (OPEC) and Russia went on well and that OPEC was moving closer to a deal.

The news boosted market confidence that OPEC will be able to finalize an oil output cut deal, the first of its kind since 2008.

However, oil prices were weighed down during intraday trading by a strong U.S. dollar and U.S. rig count increase.

The dollar posted its biggest two-week gain in 20 months on Friday. Strong U.S. dollar made the dollar-priced crude oil more expensive and less attractive for buyers holding other currencies.

Meanwhile, oilfield services company Baker Hughes reported on Friday that rigs classified as drilling for oil are up 19 rigs to 471 this week, the biggest weekly rise since a recovery began at the end of June.

The West Texas Intermediate for December Delivery added 0.27 U.S. dollars to settle at 45.69 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 0.37 U.S. dollars to close at 46.86 U.S. dollars a barrel on the London ICE Futures Exchange. Endit