Oil prices rise over 1% on outage in North Sea, expected OPEC supply cuts
London: Oil prices rose by more than 1 percent on Wednesday, pushed up by a North Sea production outage and expectations in the market that OPEC will next week decide to implement some form of supply cut to counter an emerging glut. U.S. West Texas Intermediate (WTI) crude futures were at $52.36 per barrel at 0748 GMT, up 80 cents, or 1.6 percent from their last settlement.
