22.09.201704:04:00UTC+00Oil Prices Rise Ahead of OPEC Meeting

Oil prices climbed as the market awaits whether major oil producers will extend supply reductions beyond March at a meeting in Vienna later in the day.

International benchmark Brent crude futures stood at $56.51 per barrel, higher by 0.14 percent, from their previous close.

U.S. West Texas Intermediate crude futures rose 0.24 percent at $50.67 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers are set to meet in Vienna today to discuss a possible extension of the oil supply reduction deal to increase prices.

Focus will also be on the fact whether Nigeria and Libya, who have been exempted from the reductions, will join any future cuts. The two OPEC members were invited to the meeting.

Despite the OPEC's efforts, prices have remained lower amid rising U.S. oil production.

The Energy Information Administration (EIA) recently reported that U.S. crude production hit 9.51 million bpd in the week ended Sept.15, higher from 8.78 million bpd the previous week.