Oil edges up ahead of OPEC meeting, but sentiment still cautious


Oil edges up ahead of OPEC meeting, but sentiment still cautious

Oil prices rose on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut.

U.S. West Texas Intermediate (WTI) crude futures were at $52.00 per barrel at 0027 GMT, up 44 cents, or 0.9 percent from their last settlement. International Brent crude oil futures had yet to trade.

Despite Wednesday’s rise, oil prices have still lost almost a third of their value since early October, weighed down by an emerging supply overhang and by widespread weakness in financial markets.

The crude oil price slump since October is so far on par with the 2008 price crash and steeper than that of 2014/2015. Read more

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