MW: Oil futures rise on expected supply cut by OPEC
NEW YORK (MarketWatch) -- Oil futures rose early Tuesday, gaining on expectations that the OPEC oil cartel will agree on a big production cut at its meeting tomorrow. Crude oil for January delivery gained 83 cents to $45.34 a barrel in electronic trading on Globex. Traders are also awaiting Tuesday's decision by the Federal Reserve on interest rates. Most Wall Street firms expect the U.S. central bank to slash its benchmark rate in half, to 0.5% from 1%, although many economists see scope for a prospective reduction all the way to 0.25%.
