NEW YORK, Nov. 20 (UPI) -- Though U.S. data show output continuing unabated, crude oil prices continued their rise Thursday in anticipation of next week's OPEC meeting.
Prices for West Texas Intermediate and Brent, the U.S. and global benchmarks, respectively, rose Wednesday after violence flared up in parts of the Middle East.
In Libya and Iraq, two key members of the Organization of Petroleum Exporting Countries, members of the group calling itself Islamic State are gaining ground despite international military efforts to contain the Sunni-led terrorist group.
Tensions now shift to Iran, with U.S. Secretary of State John Kerry arriving Thursday in Vienna to take part in multilateral negotiations aimed at resolving long-standing nuclear issues with the Islamic republic.
Iran was granted some relief from sanctions targeting its oil sector in response to a pledge last year to curb its nuclear activity.
Brent crude oil prices showed some volatility early Thursday, but were trending higher to fetch nearly $79 per barrel for the January contract.
For WTI, for which the December contract has yet to expire, prices were relatively flat at $74.64 early Thursday, though long-term contracts showed movement above the $75 per barrel mark beyond July.
OPEC next week is expected to consider a response to a price scenario reflecting a rise in U.S. oil production. Data this week from the U.S. Energy Information Administration show oil production for the week ending Friday at 9 million barrels per day, a 13 percent increase from the same week in 2013.
