Oil prices keep rising on output freeze optimism

, 5:58 AM IST

New York: Oil prices rallied for a fourth straight session on Tuesday, amid speculation that the talks of Organization of the Petroleum Exporting Countries next month could result in a crude output freeze.

The West Texas Intermediate for September delivery added $0.84 to settle at $46.58 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained $0.88 to close at $49.23 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.