Summary Oil prices rose on Thursday on the eve of OPEC meeting in Vienna.
NEW YORK (AFP) - Oil prices rose Thursday as traders hedged their bets in case OPEC surprises the market and takes decisive action in response to tighten supplies.
US benchmark West Texas Intermediate added $1.14 at $41.08 a barrel on the New York Mercantile Exchange, making up some of the ground lost in the prior session, when WTI finished below $40 for the first time since August.
Brent North Sea crude for January delivery rose $1.35 to $43.84 a barrel in London.
Traders still do not expect Friday s meeting of the Organization of the Petroleum Exporting Countries to result in a significant change from a year-long policy to keep production high in order to try to lock in market share.
However, investors were also a bit nervous in case the Vienna gathering confounds expectations.
"I think there s a lot of fears that there s a potential for a December surprise whereby the Saudis come across with some kind of scheme for next year to reduce output," said John Kilduff, founding partner of Again Capital.
"And so I think there are a lot of people who were short going into this meeting, getting scared out."
Thursday s buying was "fairly predictable considering we have a meeting," said Gene McGillian, broker and analyst at Tradition Energy. "We could see a surprise for where the market is."
However, both Kilduff and McGillian said oil could be primed for further declines if Friday s meeting yields no significant action. Crude supplies remain at lofty levels and the market anticipates more oil coming on line from Iran once sanctions ease, expected early in 2016.
