Oil prices have risen due to a forthcoming meeting in Qatar by Organization of the Petroleum Exporting Countries (OPEC) and non-member producers to discuss an output freeze proposal.
Brent LCOc1 rose 11 cents at $38.85 a barrel, while the US crude futures CLc1 increased 30 cents and traded at $36.64 per barrel, Reuters reported.
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Prices also gained support due to expectations about a fall in US output.
According to sources at the OPEC, a meeting of major oil producers led by Saudi Arabia and Russia is set to be held on 17 April even without Iran’s presence.
Qatar’s Energy Minister Mohammed bin Saleh al-Sada said in a statement that the meeting will take place in Doha.
Major oil producers are under pressure following a dramatic fall in oil prices since 2014.
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By GlobalDataProducers have proposed the output freeze deal at January levels at a time when Saudi Arabia as well as Russia produced more than ten million barrels per day (bpd).
Iran recorded high production levels after international sanctions were lifted.
Tehran said that it would only agree with the proposal when its production reaches four million bpd from the existing three million bpd.
