Oil exceeds $ 60 a barrel
Oil prices rose on Wednesday ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) next week, where members are expected to decide some form of production cuts to face a looming looming. OPEC meets on December 6 in Vienna to discuss production policy with some producers from outside, including Russia. Saudi Arabia increased production to a record low in November, a sector source said on Monday, pumping 11.1-11.3 million bpd. "Traders are still focusing their options on downside risks following a 30 percent drop in WTI," said Eric Norland, chief economist at CME Group in a research note.
Brent crude <LCOc1> rose 44 cents, or 0.7 percent, to $ 60.65 a barrel by 0148 GMT.
West Texas Intermediate crude was up $ 51.88 a barrel after rising 32 cents, or 0.6 percent.
Despite an increase on Wednesday, oil prices have fallen more than 30 percent since early October under pressure from oversupply and weak financial markets on a large scale.
The fall in prices since October is equivalent to a decline in 2008, but lower than in 2015/2014.
But the kingdom is pressing for a mass cut in production and is discussing a proposal to cut OPEC and its allies to 1.4 million bpd, sources close to the talks told Reuters this month.
The OPEC meeting follows a summit of G-20 leaders in Buenos Aires on Nov. 30 and Dec. 1 at the top of its agenda is the trade war between Washington and Beijing as well as oil policy.
While most analysts expect the OPEC meeting to bring about a cut in production, sentiment in oil markets remains negative.
Global markets are concerned that the slowdown in world trade as a result of the US-China trade dispute, as well as the build-up of debt and the strength of the dollar will put pressure on emerging markets.
"Trade growth will continue to slow until the fourth quarter of 2018," the World Trade Organization said in its latest forecast published on Tuesday, the slowest pace of growth since October 2016.