Oil prices rise on Saudi optimism over OPEC deal

Oil prices rose on Thursday as expectations of an OPEC deal to limit production outweighed growing evidence of global oversupply and rising inventories, particularly in the United States. Saudi Energy Minister Khalid al-Falih said on Thursday he was optimistic OPEC would formalize a preliminary oil output deal reached in Algeria in September. Brent crude oil was up 60 cents at US$47.23 by 1120 GMT. U.S. light crude was up 50 cents at $46.07.U.S. crude inventories rose by 5.3 million bbls in the week to Nov. 11, well above forecasts of an increase of 1.5 million bbls, data from the U.S. Energy Information Administration (EIA) showed on Wednesday.

(Original information source: Daily Oil Bulletin)

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