Oil prices rise ahead of Organisation of Petroleum Exporting Countries meeting

Oil prices climbed on Tuesday as investors were awaiting the closely-watched OPEC (Organisation of the Petroleum Exporting Countries) meeting next week, a media report said. OPEC and other key oil producers will meet on November 30 to discuss whether to extend the current price-supporting curbs on crude output, Xinhua news agency reported.

In a bid to end a global oversupply, the group has been restraining output since the start of this year. It is expected that the agreement will be extended to cover the next year. Meanwhile, a weak dollar boosted market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was down 0.14 per cent at 93.92 in late trading.