Reuters: Oil prices rise ahead of OPEC+ meeting on extended output cuts.

Brent has doubled over the past six weeks.

REUTERS

REUTERS

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 LCOc1 futures rose 0.91%, or 35 cents, to $38.67 a barrel as of 0427 GMT, as reported by Reuters.

Read alsoReuters: Oil prices edge down as wary traders eye upcoming OPEC+ meeting

West Texas Intermediate (WTI) crude CLc1 futures rose 0.56%, or 20 cents, to $35.64 a barrel.

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

Both Brent and WTI prices, however, are still down about 40% for the year so far.

OPEC+ producers are considering extending their output cut of 9.7 million barrels per day (bpd), about 10% of global production, into July or August, at an online meeting likely to be held on June 4.

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