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The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, are expected to hold a video conference on Thursday to discuss oil production cuts…reports Asian Lite News

MYANMAR-MADE ISLAND-OIL PIPELINE by .
A 140,000-ton crude oil tanker “Suezmax” prepares to offload crude oil at Made Island oil port, Myanmar. (Xinhua/Zhuang Beining)

Oil prices gained as market participants eagerly awaited a key meeting by the world’s major oil producers on output cuts.

On Wednesday, the West Texas Intermediate for May delivery rose US $1.46 to settle at $25.09 a barrel on the New York Mercantile Exchange, while Brent crude for June delivery was up US $0.97 to close at $32.84 a barrel on the London ICE Futures Exchange, reported Xinhua news agency.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, are expected to hold a video conference on Thursday to discuss oil production cuts.

RIYADH, Nov. 20, 2019 (Xinhua) -- Saudi King Salman bin Abdulaziz Al Saud (C, Front) attends the 7th session of the Shura Council in Riyadh, Saudi Arabia, on Nov. 20, 2019. Saudi King Salman bin Abdulaziz Al Saud said on Wednesday that the revenues of the Saudi Aramco's initial public offering will be channelled to Saudi Arabia's sovereign wealth fund to boost investment inside and outside the kingdom, the Saudi Press Agency reported. (Xinhua/IANS) by .
Saudi King Salman bin Abdulaziz Al Saud (C, Front) (Xinhua/IANS)

The group’s failure to strike a deal on output cuts in Vienna last month had sent oil prices to a nosedive and sparked fears of a possible price war.

Wednesday’s rally came after a noticeable dip in the previous session as investors grew concerned over global supply glut.

The US Energy Information Administration on Tuesday forecast that the worldwide COVID-19 pandemic and increase of oil supply will keep global crude oil prices at multi-year low averages through the first half of 2020.

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