Oil prices bounce back

Oil prices bounced back from three sessions of losses as the market saw an increasing chance for the Organization of Petroleum Exporting Countries (OPEC) to reach an output freeze deal by the end of this month.

The West Texas Intermediate for December Delivery on Tuesday added $2.49 to settle at $45.81 a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased for $2.52 to close at $46.95 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

Media reports said on Tuesday that OPEC countries have embarked on diplomatic talks in order to overcome differences among the group members, with Qatar, Algeria and Venezuela leading the effort.

OPEC struck a deal in September to limit crude output at a policy meeting to be carried out this month, first agreement to cut output since 2008. Production levels for each member country will be decided at the meeting which will be held on November 30 in Vienna, Austria.

--IANS

pgh/