Oil prices cross $60 ahead of OPEC, G20 meeting

Oil prices rose by more than one percent on Wednesday, amid expectations that OPEC and its allies are likely to cut output at its Vienna meeting next week.

International benchmark Brent crude futures rose 95 cents, or 1.3 percent, at $60.99 per barrel on Wednesday morning, while the US West Texas Intermediate (WTI) crude futures was up 65 cents, or 1.2 percent, at $52.21 a barrel.

Crude prices have lost nearly a third of their value since early October, weighed down by a possible supply overhang and by widespread weakness in financial markets.

The Organization of the Petroleum Exporting Countries (OPEC) will meet at its headquarters in Vienna, Austria, on Dec.6 to review its production policy.

The OPEC-meeting will follow a gathering by G-20 nations in Argentina this weekend, at which the China-America trade dispute and oil policy are expected to be discussed.