Oil Prices Rise Ahead of OPEC Meeting, G-20 Gathering in Focus


Investing.com – Oil prices rose on Wednesday in Asia ahead of an OPEC meeting next week.

The upcoming G-20 gathering will also be closely watched, as U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to meet to resume trade talks.

Crude Oil WTI Futures for January delivery rose 1.2% to $52.22 a barrel at 1:33 AM ET (06:33 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for February delivery also climbed 1.3% to $61.73 per barrel on London’s Intercontinental Exchange.

Despite today’s gains, oil prices have still lost around 30% in value since early October after the U.S. pushed ahead with Iran oil sanctions but granted waivers to 8 countries and allowed them to continue buying Iranian oil.

The Organization of the Petroleum Exporting Countries (OPEC) will meet on Dec. 6 to discuss output policy.

Meanwhile, the Group of 20 (G20) nations will gather in Argentina this weekend, at which the Sino-American trade dispute, as well as oil policy, are expected to be discussed.

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