New Delhi: As the traders awaited the outcome of this week’s OPEC+ meeting, prices of oil climbed on Tuesday.
The upcoming meeting will directly affect the oil traders as the Brent Crude rose 66 cents, or 0.92 percent, to USD 72. 49 a barrel by 0909 GMT, while US West Texas Intermediate crude climbed 63 cents, or 0.93 percent, to USD 68.73, the media reported.
At its December 5 meeting, OPEC+ is likely to extend its latest round of output cuts until the end of the first quarter of next year.
In the wake of the ongoing Russia-Ukraine war and the Western-led sanctions on Moscow, the oil dynamics changed, making Russia emerge as a major supplier for India, OPEC +, which accounts for half of the world’s oil production, has been looking to gradually unwind the production cuts through 2025.
Saudi Arabia, the world‘s biggest oil exporter, is expected to cut the crude prices for Asian buyers to the lowest levels in least four years, according to traders.