Reuters: Oil prices climb on expected OPEC-led production cuts
Oil prices rose on Tuesday, extending bigger gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.33 per barrel at 0604 GMT, up 48 cents, or 0.7 percent, from their last close, Reuters said.
International Brent crude oil futures LCOc1 were up 51 cents, or 0.8 percent, at $62.20 per barrel.
Both crude benchmarks climbed by around 4 percent the previous session after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action.
The Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) will on December 6 meet at its headquarters in Vienna, Austria, to agree a joint output policy. OPEC will also discuss policy with non-OPEC production giant Russia.