Oil price rises on hopes OPEC will extend supply cuts, weaker US$

Brent crude, the global benchmark, rose 68 cents, or 1.16%, to settle at $59.42 a barrel. U.S. crude gained 55 cents, or 1.04%, to settle at $53.36. But oil prices pared gains in post-settlement trade after industry data showed a larger-than-expected increase in U.S. oil stocks. Brent edged lower to $59.15, and WTI to $53.07

HOUSTON: Oil rose on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker U.S. dollar and as traders covered short positions ahead of an industry report on U.S. crude inventories.

Brent crude, the global benchmark, rose 68 cents, or 1.16%, to settle at $59.42 a barrel. U.S. crude gained 55 cents, or 1.04%, to settle at $53.36.