Oil prices rise on hopes of OPEC output deal

OPEC countries have started diplomatic talks to agree on details of a landmark deal to rein in their crude output, media reports said Tuesday, with Qatar, Algeria and Venezuela spearheading the efforts.

OPEC reached a deal in September to cap oil production at a policy meeting later this month, the first such agreement to cut output since 2008.

The output quotas for individual OPEC members are to be set at the cartel's next meeting on November 30 in Vienna, Austria.

The U.S. benchmark, light sweet crude or West Texas Intermediate (WTI) for December delivery, jumped 2.49 U.S. dollars to settle at 45.81 dollars a barrel on the New York Mercantile Exchange.

Meanwhile, the global benchmark, Brent North Sea crude for January delivery, increased by 2.52 dollars to close at 46.95 dollars a barrel on the London ICE Futures Exchange, Xinhua reported. (UU.A026)

Editor: Ruslan Burhani

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