Oil prices rise

US oil prices rose on Tuesday by expectations of falling shale output and renewed optimism that OPEC will deliver on touted production cuts.

US crude futures for December delivery had climbed 41 cents, or 1.0 per cent, to $43.73 a barrel by 0106 GMT. January Brent futures were up 31 cents, or 0.7 per cent, at $44.74 per barrel.

Prices were buoyed by expectations that US shale oil production will in December fall to its lowest since April 2014 at 4.5 million barrels per day (bpd).

Saudi Arabia`s energy minister said it was imperative for the Organisation of the Petroleum Exporting Countries (OPEC) to reach a consensus on activating a deal made in September to curb production.

OPEC members are due to meet later this month.

Elsewhere, Iraq will cut exports of Basra crude from its southern ports to 3.16 million bpd in December, compared with 3.24 million bpd in November.

Meanwhile, returning Libyan crude oil production could cap market gains, according to a news agency report.