Oil prices increase ahead of Opec+ meeting on extended output cuts

OPEC+ producers are considering extending their output cut of 9.7 million barrels per day (bpd), about 10 per cent of global production, into July or August

Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.

Brent crude futures rose 0.94 per cent, or 36 cents, to $38.68 a barrel as of 0630 GMT.

West Texas Intermediate (WTI) crude futures rose 0.73 per cent, or 26 cents, to $35.70 a barrel.

Brent has doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, a grouping dubbed OPEC+.

Both Brent and WTI