Oil prices keep rising ahead of OPEC meeting

NEW YORK, May 23 -- Oil prices settled higher for a fifth straight session Tuesday, as investors eyed the Organization of the Petroleum Exporting Countries' (OPEC) meeting scheduled on Thursday.

The OPEC and non-OPEC oil producers, including Russia, will meet in Vienna on Thursday to consider whether to prolong the output-cut deal reached in December.

It is widely expected that the deal will be extended, with the only real questions being for how long and whether cuts will be more severe.

Meanwhile, traders also kept a close eye on U.S. crude inventory data, which will be released by the Energy Information Administration on Wednesday.

The West Texas Intermediate for July delivery increased 0.34 U.S. dollar to settle at 51.47 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.28 dollar to close at 54.15 dollars a barrel on the London ICE Futures Exchange.

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