Oil rises amidst expected extension of OPEC cuts

Oil rig
Oil rig used to illustrate the story.

Oil markets edged up on Thursday as expectations that OPEC will extend production cuts at a meeting at the end of this month outweighed rising U.S. crude production and inventories.

Brent crude futures, the international benchmark for oil prices, were at $62.06 per barrel at 0742 GMT, up 19 cents, or 0.3 per cent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at 55.39 dollars a barrel, six cents up from their last settlement.

Traders said oil rises due to efforts led by the Organisation of Petroleum Exporting Countries (OPEC) to withhold oil production to tighten the market and prop up prices.

The deal is due to expire in March 2018, but OPEC will meet on November 30 to discuss policy, and it is expected to agree on an extension of the cuts.

U.S. crude oil production C-OUT-T-EIA hit a record of 9.65 million barrels per day (bpd), meaning output has risen by almost 15 per cent since their most recent low in mid-2016.

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