OPEC Effect: Oil Prices Decline As Investors Become Cautious

New York: Oil prices declined as investors became cautious ahead of an OPEC (Organisation of the Petroleum Exporting Countries) meeting next week, a media report said.

OPEC and other key oil producers will meet on November 30 to discuss whether to extend the current price-supporting curbs on crude output. In a bid to end a global oversupply, the group has been restraining output since the start of this year

It is widely expected that the agreement will be extended to cover the next year.

Meanwhile, a strong dollar dented market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was up 0.40 per cent at 94.038 in late trading.

IANS