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Crude Oil Rises Ahead of Meeting Between OPEC & Non-OPEC Producers

December 9, 2016 at 22:25 by Vladimir Vyun

Prices for crude oil rose amid optimism regarding the upcoming meeting between the Organization of Petroleum Exporting Countries and non-OPEC producers. Representatives from both OPEC and non-OPEC oil-producing countries will meet in Vienna on the weekend to discuss potential production cuts. The OPEC has reduced its output last week, and now there are hopes that producers outside of the Organization will make the same move to support oil prices.

Oil futures managed to gain even as the United States continued to increase the number of oil rigs. Baker Hughes reported that the US oil rig count increased by 21 this week. It was the biggest gain since July 2015.

January futures for WTI crude oil gained 1.24% to $51.47 per barrel as of 22:06 GMT on NYMEX today. February Brent crude advanced 0.82% to $54.33 per barrel on ICE.

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