Oil prices rose by more
than 1 percent in early Asian trading on Friday, pushed up by uncertainty over
whether OPEC would manage to agree a production increase at a meeting in Vienna
later in the day. Brent crude futures, the international benchmark for oil
prices, were at $74.07 per barrel at 0034 GMT, up $1.02 cents, or 1.4 percent,
from their last close. US West Texas Intermediate (WTI) crude futures were at
$66.45 a barrel, up 90 cents, or 1.4 percent.
The Organization of the
Petroleum Exporting Countries (OPEC), a producer cartel de-facto led by top
exporter Saudi Arabia, is meeting together with some non-OPEC members including
top producer Russia at its headquarters in the Austrian capital to discuss
output policy.
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