SINGAPORE: World oil prices advanced by over one dollar in Asian trade Tuesday, extending gains from overnight on increased expectations OPEC will unveil plans to cut its output this week, dealers said.
New York's main contract, light sweet crude for November delivery was 1.36 dollars firmer at 75.61 dollars a barrel from its close of 74.25 in the United States Monday. The contract was up 2.40 dollars at the close Monday.
Brent North Sea crude for December delivery rose 1.18 dollars to 73.21 dollars. It closed Monday 2.43 dollars higher at 72.03 dollars.
Crude prices have halved in value since reaching record highs of above 147 dollars in July, prompting calls from key OPEC members for the oil cartel to cut output when they meet Friday in Vienna.
