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Oil prices extend rally on market optimism

Xinhua, December 6, 2016 Adjust font size:

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 OPEC deal has given speculators impetus to increase bets on higher oil prices. The group agreed last week to cut production by 1.2 million barrels a day from Jan. 1, 2017.

Eyes have now turned to a meeting this weekend between OPEC and non-OPEC oil producers. Non-OPEC oil producers are expected to work out details of a plan that cut output by 600,000 barrels a day.

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