Oil Prices Edge Up on Potential OPEC Production Freezes

Oil prices climbed on Monday on growing speculation that OPEC will take steps to prop up prices in the oversupplied oil market.

Brent crude oil futures traded at $47.13 per barrel, up 16 from their last close while U.S. W.T.I. crude futures climbed by 18 cents at $44.67 a barrel.

Oil prices advanced on heightening speculation of possible freezes in oil production by OPEC members as Saudi Arabia indicated that it is set to talk about steadying the markets at the informal OPEC meeting on September.

News are provided by InstaForex