© Reuters. Oil pushes higher with OPEC meeting in focus Investing.com – U.S. oil futures gained ground on Friday, amid hopes the Organization of Petroleum Exporting Countries will announced production cuts at a meeting scheduled later in the day.
futures for January delivery were last at $ 41.70 a barrel, up 1.50% for the day.
On the ICE Futures Exchange in London, the January contract were up 1.60% at $ 44.54 a barrel.
Crude oil strengthened as media reports said that Saudi Arabia, which has so far resisted pressure to waver from its no-cut policy, will propose a supply cut of 1 million barrels per day, as long as other OPEC producers like Iran and Iraq, and non-OPEC members such as Russia and Mexico join them.
But gains were limited as the U.S. dollar regained strength after Federal Reserve Chair Janet Yellen strongly indicated to Congress on Thursday that Fed policymakers are likely to vote to raise interest rates at its meeting in two weeks, barring any major shocks to the global economy.
“I currently judge that US economic growth is likely to be sufficient over the next year or two to result in further improvement in the labor market,” she said.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.39% at 98.20, off Thursday’s one-month trough of 97.60.
Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.
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Oil futures achieve floor forward of OPEC assembly
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