Mubasher: Oil prices rose during Thursday’s trades ahead of the anticipated meeting for the Organization of Petroleum Exporting Countries (OPEC) scheduled for later in the day and after US oil reserves decline.
By 7:25 am GMT, Brent crude futures grew 0.5% to $63.41 per barrel (pb), while Nymex crude added 0.3% to reach $57.46 pb.
Late Wednesday, the Energy Information Administration (EIA) reported that US oil reserves had declined by 3.4 million barrels in the week ended 24 November, exceeding forecasts of a 2.5-million barrel drop.
Investors are awaiting OPEC’s meeting which will determine whether member states will extend the agreement to trim production or not.
