Oil prices rise off multimonth lows ahead of weekend OPEC gathering

Oil prices rose Wednesday, a snap back from the deep losses of recent sessions, as traders looked ahead to meetings between OPEC and its allies over the weekend that could result in supply cuts.

Oil traders were looking on with interest at the midterm election outcome. A split in Washington may force the Trump administration to soften its hard-line stance on countries like Iran, some analysts say, while others noted that the Democratic control of the House may crank up the pressure on regulations that limit U.S. shale production.

West Texas Intermediate crude for December CLZ8, +0.58%  rose 68 cents, or 1.1%, to $62.89 a barrel on the New York Mercantile Exchange. The contract settled at $62.21 a barrel Tuesday, its lowest settlement since early April, according to data compiled by Dow Jones Market Data…

 

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