OIL & GAS

Oil prices rise ahead of OPEC+ meeting on output cuts

Oil prices rose on Tuesday to near three-month highs on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week.

Benchmark Brent crude LCOc1 rose 2.2%, or 83 cents, to $39.15 a barrel as of 1215 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 climbed 2%, or 70 cents, to $36.14 a barrel.

Brent has doubled in the past six weeks helped by supply cuts by the Organization of the Petroleum Exporting Countries and others including Russia, a grouping known as OPEC+.

Source
Reuters
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