Oil rises 3% as U.S. inventories drop

Oil prices rose more than three percent today amid expectations that OPEC and its allies will extend production restrictions in addition to US government data that showed a significant drop in crude oil inventories and Brent crude futures ended the session up by $ 2.18 or 3.6% at $ 63 a barrel after its rise to $ 63.51 and US West Texas Intermediate crude futures rose $ 2.33, or 4.2%, at $ 58.43 after touching the highest session level at $ 58.66 a barrel. The Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC, are expected To agree to deeper cuts in crude production when they meet in Vienna this week, the Energy Information Administration said that US crude stocks fell by 4.9 million barrels per week until November 29.