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Oil gained yesterday ahead of an expected extension to production curbs by OPEC and its allies, with further support from industry data showing a larger than forecast
drop in US crude stockpiles.

Brent crude futures were up US$1,27, or 2,1percent at US$62, 10 a barrel.

US West Texas Intermediate (WTI) crude futures were up US$1, 08, or 1, 9percent, to US$57, 16 a barrel.

The Organisation of the Petroleum Exporting Countries (OPEC) and allies that include Russia – a group known as OPEC+ – could approve deeper crude output cuts
when they meet in Vienna this week.

Iraqi oil minister Thamer Ghadhban told reporters in Vienna on Tuesday that “a deeper cut is being preferred by a number
of key members”. — Reuters.