Oil prices extend rally on market optimism

Oil prices increased for the fourth consecutive session following the Organization of the Petroleum Exporting Countries (OPEC)'s decision to cut production, as investors expect to see crude supply and demand in balance in the near future.

The West Texas Intermediate for January Delivery increased 0.11 dollars to settle at 51.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.48 dollars to close at 54.94 dollars a barrel on the London ICE Futures Exchange. Enditem