Oil prices were slightly higher on Thursday ahead of next week’s meeting of the Organization of the Petroleum Exporting Countries (Opec) to discuss implementation of its proposed cap on production. Brent crude futures were up 12c at $49.07 a barrel at 3.01pm GMT. US West Texas Intermediate (WTI) crude rose 9c to $48.05. Traders said market activity was low because of the US Thanksgiving holiday and there was a reluctance to take on big price bets amid uncertainty about the planned Opec-led production cut. Opecis due to meet on November 30 to coordinate the cut agreed in Algiers in September, potentially with the cooperation of Russia, which is not a member of the group. Russia could revise down its 2017 oil production plans if a global output freeze comes into force, effectively cutting output by 200,000-300,000 barrels per day (bpd), Energy Minister Alexander Novak said on Thursday. Opec will probably propose that other producers cut production by 880,000 bpd for six months startin...
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