Oil prices rose on Friday as OPEC's outlook for oil demand next year fueled...
TOKYO - Oil prices rose on Friday as OPEC’s outlook for oil demand next year fueled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month.
Brent crude futures were up 28 cents, or 0.5%, at $62.56 a barrel by 0441 GMT, having dropped 9 cents on Thursday. Many analysts said that supports the view among markets that there’s a clear case for the group and other producers like Russia - collectively known as ‘OPEC+’ - to maintain limits on production that were introduced to cope with a supply glut.
OPEC+ on Jan. 1 cut output by 1.2 million barrels per day , and in July, the alliance renewed the pact until March 2020.
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