Oil prices rise slightly

Dhaka,  Wed,  07 December 2016
Published : 30 Nov 2016, 10:25:32 | Updated : 30 Nov 2016, 10:55:08

Oil prices rise slightly in nervous trading

Oil prices rise slightly
Oil markets edged up in nervous trading on Wednesday ahead of an OPEC meeting later in the day.

The members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014.

International Brent crude LCOc1 was trading at $46.80 per barrel at 0311 GMT, up 42 cents, or 0.91 per cent, from its last close.

US West Texas Intermediate (WTI) crude was up 23 cents, or 0.51 per cent, at $45.46 a barrel.

Oil dropped nearly 4.0 per cent the previous session over disputes between Saudi Arabia, Iran and Iraq regarding details of the planned cut.

Iran and Iraq are resisting pressure from Saudi Arabia to curtail production, making it hard for the group to reach a deal.

On Tuesday, tensions rose after Iran wrote to OPEC saying it wanted Saudi Arabia to cut production by 1 million barrels per day (bpd), much more than Riyadh is willing to offer, according to a news agency report.

-SRS-
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