Oil prices rise on optimism OPEC+ meeting will result in supply cut - Reuters

Oil prices rise on optimism OPEC+ meeting will result in supply cut - Reuters:

Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.

Brent crude LCOc1 futures rose by almost 2.6%, or 87 cents, to $33.71 a barrel as of 0701 GMT. The contract rose to an intra-day high of $33.90, climbing for a second day.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 5%, or $1.27 cents, at $26.36 a barrel, after earlier climbing by as much as 6.1%.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a group known as OPEC+ - are set to convene a video conference meeting on Thursday.