Oil prices up as market eyes OPEC+ for extended production cut

Oil prices up as market eyes OPEC+ for extended production cut

Oil prices were up today as the global oil market awaits the meeting this week between the OPEC and its allies to further extend crude production cuts.

International benchmark Brent crude was trading at $38.68 per barrel at 0636 GMT for a 0.9% gain after closing Monday at $38.32 a barrel.

WTI was at $35.74 a barrel at the same time for a 0.8% increase after ending the previous day at $35.44 per barrel, Anadolu Agency reported.

OPEC and non-OPEC oil-producing nations are set to meet sometime this week to discuss the possibility of extending oil production cuts through July or August.

The 23-nation group, dubbed as OPEC+, had agreed in April to cut their total oil output by 9.7 million barrels per day (bpd) from May 1 through June 30. The group also agreed in April to ease the cuts to 7.7 million bpd from July 1 to Dec. 31 this year, but this is still not enough to trim the glut of supply in the global oil market.

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