IEA's Birol: Hope OPEC will make right decision for themselves and global economy

Ahead of next week's highly-anticipated Organization of the Petroleum Exporting Countries (OPEC) meeting, "It's up to OPEC countries to decide but the pressure is strong coming from non-OPEC countries, International Energy Agency (IEA) Chief Fatih Birol noted. Birol said that he hopes OPEC will make the right decision for themselves and the "very fragile" global economy.

"There will be lots of oil in the market," Birol added. "The US shale production growth will slow down due to the financial difficulties of shale producers."

Crude oil prices gained traction on these remarks and the barrel of West Texas Intermediate (WYI) was last seen trading at $5820, adding 0.55% on a daily basis.