Crude Oil Prices Advance

Oil prices jumped today just before the coming meetings this week where OPEC and its allies are expected to extend production curbs to support the oil prices.

Presently, oil trades at $56.42, which is an incline of $0.15 or 0.27% from the previous close of 56.27.

The daily range is from $56.26 — 56.88, while the trading volume is 69.084K. 

Moreover, the Organization of the Petroleum Exporting Countries (OPEC) and friends, known as OPEC+ could soon provide further solid supply reductions later this week, during their meeting in Vienna.

Some market analysts are still not completely sure whether OPEC will reduce its output further.

As a matter of fact, OPEC meeting is taking place tomorrow and then on Friday the OPEC+ group meets.