Markets > Commodities

Oil prices rise on output cut hopes

2019-10-17 06:05

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NEW YORK, Oct. 16 (Xinhua) -- Oil prices rose on Wednesday as investors' sentiment was lifted by signs that major oil exporters may continue to cut supply to stabilize oil prices.

The Organization of the Petroleum Exporting Countries (OPEC) and other major oil exporters will meet in early December in Vienna to discuss output cut deals.

OPEC Secretary-General Mohammad Barkindo said Tuesday the group would do what it could with allied producers to sustain oil market stability beyond 2020, according to media reports.

The West Texas Intermediate (WTI) for November delivery increased 0.55 U.S. dollar to settle at 53.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 0.68 dollar to close at 59.42 dollars a barrel on the London ICE Futures Exchange.
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