Oil Prices Rise 2.01 Pc On Cautious Global Cues

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New Delhi, Nov 28 (PTI) Crude oil prices rose 2.01 percent to Rs 3,704 per barrel Wednesday as speculators created fresh positions amid positive cues.

Oil prices rose on ahead of the OPEC meeting next week at which some form of supply cut is expected to counter an emerging glut.

At the Multi Commodity Exchange, crude for delivery in December was trading higher by 2.01 percent, to Rs 3,704 per barrel in a business turnover of 3,694 lots.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures were at USD 51.88 per barrel up 0.6 percent from their last settlement. International Brent crude oil futures were up 44 cents, or 0.7 percent, at USD 60.65 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) will meet at its headquarters in Vienna, Austria, on December 6 to discuss output policy.

The OPEC-meeting will follow a gathering by the G20 nations in Argentina this weekend, at which the US-China trade dispute, as well as oil policy, are expected to be discussed.

SOURCEChiniMandi

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