Oil Rises on Hopes of OPEC Supply Cut Deal
HOUSTON (Reuters) -- Oil rose about 1.4% on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker U.S. dollar and as traders covered short positions ahead of an industry report on U.S. crude inventories.
Brent crude, the global benchmark, rose 81 cents, or 1.38%, to $59.55 a barrel by 12:25 p.m. CDT. U.S. crude gained 72 cents, or 1.36%, to $53.63. The Organization of the Petroleum Exporting Countries and its allies meet on Dec. 5-6 in Vienna to review output policy.
Brent crude, the global benchmark, rose 81 cents, or 1.38%, to $59.55 a barrel by 12:25 p.m. CDT. U.S. crude gained 72 cents, or 1.36%, to $53.63. The Organization of the Petroleum Exporting Countries and its allies meet on Dec. 5-6 in Vienna to review output policy.