Oil up nearly 2% ahead of OPEC output talks - Reuters

Oil up nearly 2% ahead of OPEC output talks - Reuters:

Oil gained on Wednesday ahead of an expected extension to production curbs by OPEC and its allies, with further support from industry data showing a larger than forecast drop in U.S. crude stockpiles.

Brent crude LCOc1 futures were up $1.18, or 1.9%, at $62 a barrel by 1151 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were up by 94 cents, or 1.7%, at $57.04. 


The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a group known as OPEC+ - could approve deeper crude output cuts when they meet in Vienna this week.

Iraqi oil minister Thamer Ghadhban told reporters in Vienna on Tuesday that “a deeper cut is being preferred by a number of key members”.