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Oil prices rise ahead of output cuts compliance meeting

Xinhua, January 21, 2017 Adjust font size:

Oil prices soared Friday as market expects a weekend meeting of world oil producers would introduce an output cut compliance mechanism.

The West Texas Intermediate for February Delivery added 1.05 dollars to settle at 52.42 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.33 dollars to close at 55.49 dollars a barrel on the London ICE Futures Exchange. Enditem