Oil Prices Rise on OPEC Expectations – 11 December, 2018

The expectation that OPEC would reduce oil production in 2019 to stabilize the supply and demand balance caused prices to climb over 1 percent. U.S. West Texas Intermediate crude futures rose 64 cents and 1.2 percent to $52.29 per barrel, while international benchmark Brent crude oil futures were up 72 cents and 1.2 percent to $60.92 per barrel. President Trump’s discussion about defusing the trade dispute between the U.S. and China also contributed to the higher prices with an increase in Asian share markets. In other commodities, gold was steady near a five month peak of $1,244.12 per ounce.