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Oil prices increase on optimism over output cuts

Xinhua, December 10, 2016 Adjust font size:

Oil prices increased on Friday as market hopes non-OPEC producers meeting over the weekend would agree to cut output to bolster OPEC's own agreement to limit production.

The West Texas Intermediate for January Delivery increased 0.66 U.S. dollars to settle at 51.50 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.44 dollars to close at 54.33 dollars a barrel on the London ICE Futures Exchange. Enditem