Crude oil prices have risen due while the dollar has fallen, with concerns continuing as the Organization of the Petroleum Exporting Countries (OPEC) is expected to stick to its policy of high output in this week’s meeting.
Brent crude futures edged up 42 cents at $45.03 a barrel, while the US WTI crude futures rose 49 cents at $42.14 a barrel, Reuters reported.
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The latest policy decision by the European Central Bank (ECB) is set to be revealed on Thursday and OPEC’s decision on output is due on Friday along with data on monthly jobs numbers in the US.
It is believed that the ECB may further loosen eurozone monetary policy.
The dollar eased around 0.2% against a basket of currencies, making it affordable for non-US buyers to purchase dollar-denominated assets such as oil.
Platts reported that in physical markets, Dubai crude fell to its lowest since December 2008 and averaged $41.691 per barrel for November.
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By GlobalDataDespite low prices, Saudi Arabia is expected to keep output steady.
In 2014, OPEC decided to produce high volumes of oil in order to retain its market share, which resulted in oversupply that has reduced the value of a barrel of oil in half.
A survey conducted by Reuters revealed that OPEC oil output increased in November compared to the previous month led by a rebound in Iraqi exports following temporary halt of supply growth due to bad weather.
