Oil prices rally ahead of OPEC+ meeting

NEW YORK, Oct. 4 (Xinhua) -- Oil prices continued their upward trajectory on Tuesday as traders awaited a key meeting of the Organization of Petroleum Exporting Countries and its allies, collectively known as OPEC+.

The West Texas Intermediate (WTI) for November delivery increased 2.89 U.S. dollars, or nearly 3.5 percent, to settle at 86.52 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 2.94 dollars, or 3.3 percent, to close at 91.8 dollars a barrel on the London ICE Futures Exchange.

On Monday, the WTI and Brent soared 5.2 percent and 4.4 percent, respectively.

The two-day rally came as traders bet that OPEC+ will consider a large output cut when it meets on Wednesday.

In early September, the oil alliance announced a production cut of 100,000 barrels per day for October to bolster prices.

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