Oil prices rise as traders assess Opec+ supplies

NEW YORK: Oil prices climbed as market participants weighed supplies from major producers, reported Xinhua.

The West Texas Intermediate for January delivery increased 91 cents, or 1.1 per cent, to settle at US$80.95 a barrel on the New York Mercantile Exchange.

Brent crude for January delivery added 91 cents, or 1 per cent, to settle at RM88.36 a barrel on the London ICE Futures Exchange.

The above market reactions came after key members of the Organisation of the Petroleum Exporting Countries (Opec) such as Saudi Arabia, the United Arab Emirates, and Kuwait stressed the alliance aims for stability in the oil market, denying reports that there have been discussions to increase oil production at the next Opec+ meeting.

Opec and its allies, collectively known as Opec+, decided during a recent ministerial meeting to reduce production by 2 million barrels a day starting in November.

Traders also awaited data on US fuel inventory as the US Energy Information Administration is set to release its weekly petroleum status report on Wednesday.