By Christopher Johnson
LONDON (Reuters) - Oil prices rose on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a reduction in Canadian supply.
Brent crude oil jumped by $1.89 or 3 percent to a high of $63.58 before slipping back to trade around $62.25, up 56 cents by 1425 GMT.
U.S. light crude was last up 20 cents at $53.15 after earlier gaining more than 3 percent to an intraday high of $54.55 a barrel.
Both benchmarks climbed by around 4 percent on Monday after U.S. President Donald Trump and Chinese counterpart Xi Jinping agreed at a meeting of the Group of 20 industrialised nations (G20) to pause an escalating trade dispute.
OPEC and its allies are working towards a deal to reduce output by at least 1.3 million barrels per day (bpd), OPEC sources have told Reuters, adding that they were still talking to Russia about the extent of its production cuts.
Al-Falih said he thought the market was oversupplied but he cautioned that all members of OPEC and its allies needed to come together for a cut to go ahead.
It added that it expected a joint effort by OPEC and Russia to withhold supply to push Brent oil prices "above the mid-$60 per barrel level".
Helping OPEC in its efforts to rein in emerging oversupply was an order on Sunday by the Canadian province of Alberta for producers to scale back output by 325,000 bpd until excess crude in storage is reduced.
OPEC's biggest problem is surging production in the United States, where output - mostly from its southern shale fields - has grown by about 2 million bpd within a year to more than 11.5 million bpd.
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