Oil rises 1.4% on hopes OPEC will extend supply cuts, weaker U.S. dollar - Reuters

Oil rises 1.4% on hopes OPEC will extend supply cuts, weaker U.S. dollar - Reuters:

Oil rose about 1.4% on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker U.S. dollar and as traders covered short positions ahead of an industry report on U.S. crude inventories.

Brent crude LCOc1, the global benchmark, rose 81 cents, or 1.38%, to $59.55 a barrel by 12:25 p.m. CDT. U.S. crude CLc1 gained 72 cents, or 1.36%, to $53.63.

The Organization of the Petroleum Exporting Countries and its allies meet on Dec. 5-6 in Vienna to review output policy.

Market participants believe the group known as OPEC+ could decide to extend production cuts “and wait until world demand catches up with the supply situation,” said Andy Lipow, president of Lipow Oil Associates in Houston.