London — Oil prices rose on Tuesday as traders looked to a meeting next week where major crude exporters are expected to extend production cuts, though rising US output capped gains. Brent crude oil was up 47c at $62.69 a barrel at 9.32am GMT. US light crude rose 32c to $56.74. Analysts said Brent was expected to fluctuate in a narrow range, between $61 and $63, as the market awaited the outcome of the Organisation of the Petroleum Exporting Countries (Opec) meeting on November 30. Opec and a number of non-Opec producers, led by Russia, have been restraining output this year in an effort to end a global supply overhang and prop up prices. At its meeting next week, the group is widely expected to extend the deal beyond its March 2018 expiry date. "There’s a general belief that anything but an extension could have a significant negative impact…. So the market is just waiting for confirmation that Opec wants to move on with the extension," said Ole Hansen, senior manager at Saxo Bank. ...
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