Economic news

Oil rises ahead of producers meeting

Oil prices rose but held near 1-week low on Monday ahead of OPEC and non-OPEC meeting later in the day. 

London Brent crude for September delivery rose 12 cents to $48.18 a barrel. The contract fell $1.24, or 2.5%, on Friday after a preliminary growth projection for oil production of OPEC in July.

NYMEX crude price for September delivery climbed 7 cents to $45.84 per barrel. 

OPEC members and other producers will meet in St. Petersburg on Monday to consider market conditions and examine any proposals related to the opportunity to reduce output.



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