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Oil prices rose on Tuesday, extending bigger gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $53.33 per barrel at 0604 GMT, up 48 cents, or 0.7 percent, from their last close.
International Brent crude oil futures (LCOc1) were up 51 cents, or 0.8 percent, at $62.20 per barrel.
Both crude benchmarks climbed by around 4 percent the previous session after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action.
“Oil prices look likely to move up gradually…this week as investors anticipate supply cuts by OPEC+,” said Benjamin Lu of Singapore-based brokerage Phillip Futures, referring to the producer group and Russia.
The Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) will on Dec. 6 meet at its headquarters in Vienna, Austria, to agree a joint output policy. OPEC will also discuss policy with non-OPEC production giant Russia.
“We expect OPEC to follow suit and agree to a production cut in Vienna this coming Thursday,” U.S. bank Goldman Sachs (NYSE:GS) said in a note to clients.
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