Oil rises as traders await OPEC+ meeting on extending supply cuts - Reuters

Oil rises as traders await OPEC+ meeting on extending supply cuts - Reuters:

Oil prices moved higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts.

Brent crude futures were up 27 cents, or 0.7%, at $40.26 a barrel as of 0620 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.5%, to $37.58 a barrel.

Brent has risen about 14% this week, while WTI is up nearly 6%, leaving benchmarks on track for a sixth week of gains. The surge was triggered by the output cuts amid signs of improving fuel demand as countries begin to ease lockdowns they had imposed to prevent the spread of the new coronavirus.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a grouping known as OPEC+, will meet on Saturday to discuss extending output cuts, Algeria’s Ennahar TV channel reported on Friday, citing an OPEC source.