Oil Prices Rise Ahead of OPEC Meeting, G-20 Gathering in Focus

Investing.com – Oil prices rose on Wednesday in Asia ahead of an OPEC meeting next week. The upcoming G-20 gathering will also be closely watched, as Trump and his Chinese counterpart Xi Jinping are expected to meet over dinner Saturday evening in Buenos Aires to resume trade talks.

for January delivery rose 1.2% to $52.22 a barrel at 1:33 AM ET (06:33 GMT) on the New York Mercantile Exchange, while for February delivery also climbed 1.3% to $61.73 per barrel on London’s Intercontinental Exchange.

Despite today’s gains, oil prices have still lost around 30% in value since early October after the U.S. pushed ahead with Iran oil sanctions but granted waivers to 8 countries and allowed them to continue buying Iranian oil.

The Organization of the Petroleum Exporting Countries (OPEC) will meet on Dec. 6 to discuss output policy.

Meanwhile, the Group of 20 (G20) nations will gather in Argentina this weekend, at which the Sino-American trade dispute, as well as oil policy, are expected to be discussed.

On Tuesday, U.S. National Economic Council Director Larry Kudlow said the White House was having “a lot of communication with the Chinese government at all levels” and that President Donald Trump thinks there is a “good possibility” the two countries could reach an agreement.

“We’re having now a lot of communication with the Chinese government at all levels,” Kudlow told reporters on Tuesday. “We were at a total standstill. Nothing was going on.”

“As you can imagine this is a big deal, this meeting — the stakes are very high,” Kudlow said. “It’s an opportunity to turn a new page, a breakthrough. President Xi can step up and come up with some new ideas for us.”

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