Oil prices edge higher ahead of OPEC meeting

FXStreet (Córdoba) - Oil prices turned higher on Monday and recovered sharply from below $42.00 a barrel helped by speculation the Organization of the Petroleum Exporting Countries (OPEC) might cut production to lift prices when it meets on Friday.

Crude oil rose 1.87% to $42.50 a barrel, having bounced from a low of $41.50 a barrel scored earlier on the day.

OPEC will meet on Friday to review its production strategy. With oil prices falling to 5-year lows amid global supply glut concerns, a stronger USD on prospects of a Fed rate hike, some investors speculate the OPEC could opt to cut output to help lifting prices.