2018.11.0806:08:00UTC+00Oil Prices Rise On Talk Of OPEC Output Cuts

Oil prices rose on Thursday after OPEC signaled it could cut output in 2019 amid concerns over rising oil inventories and economic uncertainty.

Benchmark Brent crude oil for January delivery rose by 49 cents or 0.68 percent to $72.56 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up half a percent at $61.98 per barrel.

Ministers from the Organization of Petroleum Exporting Countries and its allies will meet in Abu Dhabi on Sunday and it is expected that they will discuss the possibility of cutting production again next year to support prices at $70 a barrel.

Meanwhile, with the U.S. midterm elections over and oil still in ample availability, pressure is likely to decrease from the U.S. to lower prices and make up for supply losses from Iran.

U.S. sanctions have failed so far to shut down Iranian oil exports after eight countries secured temporary waivers.