Oil prices rise awaiting OPEC gathering

30th November 2015, Comments 0 comments

Oil prices rose Monday as the market looked ahead to the end of the week when OPEC decides on whether to change its crude production target.

Attention is also on the United States ahead of Friday's jobs data and on China as the world's biggest energy consumer prepares to publish manufacturing numbers.

Ministers representing members of the Organization of Petroleum Exporting Countries begin arriving in Vienna on Tuesday ahead of the cartel's meeting Friday.

Analysts said traders will also tune in this week to two key speeches by US Federal Reserve chair Janet Yellen for clues on the timing of a interest rate hikes in the world's biggest economy.

November data on China's industrial sector is meanwhile released on Tuesday.

At about 1330 GMT on Monday, US benchmark West Texas Intermediate for delivery in January was up 19 cents at $41.90 a barrel.

Brent North Sea crude for January gained 49 cents to stand at $45.35 compared with Friday's close.

OPEC's meeting is expected to focus on the global crude oversupply, the return of Iranian oil to the market after the lifting of Western economic sanctions and whether the cartel will cut production to boost prices.

"It is not clear that even if OPEC did cut its production target, actual output would fall, given the cartel is already producing well above its current target," Capital Economics said in a research note.

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© 2015 AFP

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