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Oil prices rose for the second session in a row, today, Thursday, as they received support from the possibility of OPEC+ producers taking a decision against increasing production in an important meeting held later today.
Brent crude futures rose by 0.8 percent to $64.60 per barrel, by 05:53 GMT, after rising by more than two percent yesterday, Wednesday.
While West Texas Intermediate crude futures also rose by 0.8 percent to $61.74 per barrel.
Three sources in the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, said that the group is considering extending production cuts until April, instead of increasing production, as the recovery in demand for oil is still fragile due to the Corona virus crisis.
The market expected that OPEC would ease production cuts by about 500,000 barrels per day, starting next April, and that Saudi Arabia, the largest producer in OPEC, would end a voluntary reduction in its production of an additional one million barrels per day.
Source: Reuters