Oil dips as OPEC weighs deeper output cuts - Reuters

Oil dips as OPEC weighs deeper output cuts - Reuters:

Oil prices edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year.

Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies by Russia by more than 400,000 barrels per day (bpd) from their current level of 1.2 million bpd.

The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna followed by a meeting on Friday with Russia and other producers. The group is known as OPEC+.

Brent crude futures were up 21 cents, or 0.33%, to $63.21 a barrel at 1005 GMT. Brent surged 3.6% on Wednesday. West Texas Intermediate (WTI) crude futures were up 1 cents to $58.44 a barrel. They settled up 4.2% on Wednesday.