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Oil prices climb ahead of OPEC+ meeting

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NEW YORK: Oil prices gained on Tuesday as market participants bet on extending output cuts by major oil producers, reported Xinhua news agency.

The West Texas Intermediate for July delivery climbed US$1.37 to settle at US$36.81 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to Dow Jones Market Data.

Global benchmark Brent crude for August delivery rose US$1.25 to close at US$39.57 a barrel on the London ICE Futures Exchange.

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The prices were buoyed by reports that the Organisation of the Petroleum Exporting Countries and others including Russia, known as OPEC+, are mulling to extend their current production cuts beyond the end of June, at a meeting expected to be held on Thursday.

OPEC+ agreed in April to slash output by 9.7 million barrels per day for May and June as the COVID-19 pandemic ravaged demand. Those cuts are meant to be eased to 7.7 million barrels a day from July through the end of 2020.

–BERNAMA