Crude prices edge up ahead of producers’ meeting

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New York, April 1 (IANS) Oil prices rose on Thursday on hopes that an upcoming meeting of major oil producers could buoy the market.

Countries from the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC will meet on April 17 in Doha to discuss the output freeze. Traders expect that the results from the meeting would help support the crude prices, Xinhua reported.

The dollar index, which measures the greenback against six major peers, was down 0.35 percent at 94.525 in late trading on Thursday.

A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The West Texas Intermediate for May delivery moved up 2 cents to settle at $38.34 a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 34 cents to close at $39.6 a barrel on the London ICE Futures Exchange.

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