Oil prices traded sharply higher on Friday with both benchmarks adding 1.5% as investors grew hopeful the Organization of the Petroleum Exporting Countries (OPEC) will decide to implement new production caps in order to stabilize the market. Earlier this week, it was reported that OPEC’s Saudi Arabia plans to propose an output cut of 1.4 million barrels per day.
Crude values were higher despite the continuous increase in the American stockpiles. On Thursday, the EIA reported that United States crude oil inventories rose by 10.3 million barrels to 442.1 million barrels for last week.
West Texas Intermediate for December delivery rose 1.63%, changing hands for $57.35 per barrel at 8:15 am GMT while the international benchmark Brent for settlements in January increased 1.64% to trade for $67.73 per barrel at 8:17 am GMT.