REUTERS

By mid of trading on Monday, the cost of January futures for North Sea Brent crude oil had increased by 0.23% to $80.55 per barrel. Futures for WTI light crude oil climbed up 0.40% to $76.82 per barrel, Russian information agency RIA Novosti reports.

Analysts attribute such upward price trend to the upcoming meeting of OPEC countries, during which they will make a decision about reducing global oil production or seeking other measures to support prices.

"OPEC countries have divided opinions over what actions to take. There may be really a deep disaccord within the organization," Bloomberg reports, quoting Jonathan Barratt, chief investment officer of Ayers Alliance Securities in Sydney.

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But former Qatari Oil Minister Abdullah Bin Hamad Al Attiyah, who participated in OPEC meetings from 1992 to 2011, said he believes that the days when the organization could ensure a consensus on high-profile decisions are already in the past.

"Now there is an excess of 2 million barrels per day, while global economic growth is below expectations," he said, quoted by the agency.