Oil prices rise as traders await OPEC+ meeting

Oil&Gas Materials 2 November 2021 04:17 (UTC +04:00)

Oil prices advanced on Monday as traders are awaiting a key meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, Trend reports citing Xinhua.

The West Texas Intermediate for December delivery added 48 cents to settle at 84.05 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery increased 99 cents to close at 84.71 dollars a barrel on the London ICE Futures Exchange.

OPEC+ is expected to meet on Thursday, discussing its plan on crude production. The group is gradually easing record output cuts made last year.