(Montel) Oil prices continued their rise from gains seen in the prior session on Tuesday as expectations grew of a large cut to Opec production, with the cartel due to meet tomorrow.
The front-month contract for Brent crude North Sea oil was last seen up USD 0.39 at USD 89.25/bbl, while the WTI equivalent was USD 0.24 higher at USD 83.87/bbl.
“Crude oil prices rallied sharply as expectations of a large cut to Opec production rose,” said Australia’s ANZ bank on a note.
“The [23-nation] Opec alliance is due to meet in Vienna… to review its production agreement.
“The group…
