04/12/2019 15:00
Oil rises 1% before OPEC meeting to discuss output pact
Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than expected helped to lift prices.
Brent crude LCOc1 futures were up 75 cents, or 1.23%, at $61.57 a barrel by 0940 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were up by 65 cents, or 1.16%, at $56.75.
The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a group known as OPEC+ - may be preparing to approve deeper crude output cuts this week, when they meet in Vienna, according to Iraq, the group’s second-biggest producer.