Oil rises ahead of Opec meeting

Oil rose yesterday, paring a monthly loss before the Organization of Petroleum Exporting Countries meets in Vienna this week.

Futures gained as much as 2.2%, reducing November’s drop to about 8%.

Iran expects no major decisions that would change Opec’s output target when the group gathers on Friday in Vienna, oil minister Bijan Namdar Zanganeh said over the weekend at a conference in Tehran. Speculators increased their bullish position on Brent to a two-week high through November 24.