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Oil prices climb on a weaker U.S. dollar
Oil prices traded higher on a weaker U.S. dollar. The greenback declined against other currencies after the release of the weak U.S. economic data. The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Monday. Pending home sales in the U.S. rose 0.2% in October, missing expectations for a 1.5% gain, after a 1.6% drop in September.
The Institute for Supply Management released its Chicago purchasing managers' index on Monday. The Chicago purchasing managers' index dropped to 48.7 in November from 56.2 in October, missing expectations for a decrease to 54.0.
Markets participants were cautious. The OPEC will meet in Vienna on December 04 to decide on the oil output limit. Analysts expect the OPEC to keep its output limit unchanged.
WTI crude oil for January delivery rose to $42.44 a barrel on the New York Mercantile Exchange.
Brent crude oil for January climbed to $45.29 a barrel on ICE Futures Europe.
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