Oil prices are rising, but worries about oversupply are weighing; The meeting of the OPEC in brief

SEOUL (Reuters) – Oil prices climbed 1 percent on Thursday, offsetting losses in the previous session, but an increase in US stocks of crude oil and uncertainty surrounding oil prices. 39, an OPEC meeting next week have kept the markets under pressure.

US Gross Futures Contracts increased by 65 cents, or 1.29 percent, to 50.94 dollars per barrel at 0120 GMT. They finished the last session down 2.5% to 50.29 dollars per barrel after reaching their lowest level since last October.

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Brent international reference Brent rose 60 cents, or 1.02%, to $ 59.36 a barrel, having stabilized 2.4% Wednesday at $ 58.76 a barrel.

"The WTI oil is now trading around the $ 50 a barrel level, a price that had been observed well over a year ago while the current situation of excess supply has been now translated by 10 consecutive weekly increases in US oil stocks, "said William O. Loughlin. Investment Analyst at Rivkin Securities in Australia.

US crude inventories for the week to November 23 rose 3.6 million barrels a year to 450 million barrels, exceeding expectations, the Energy Information Administration said on Wednesday. [EIA/S]

"Crude oil prices have remained under pressure after oil supply in the US has increased in anticipation of a key meeting of OPEC … this comes as some key executives meet on the sidelines of the G20 summit.Russian President Vladimir Putin said that he was willing to work with OPEC to stabilize the market, "ANZ bank said in a note.

The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Vienna, Austria, on December 6, to discuss a new round of production cuts. One to 1.4 million barrels per day (bpd), or even more, of OPEC delegates. told Reuters earlier this month.

The next week's OPEC meeting will follow a meeting of the Group of 20 Argentine Nations from November 30 to December 1.

(Jane Chung report, edited by Joseph Radford)