Reuters: Oil extends gains on prospect of OPEC+ sticking with supply cuts

Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent support, alongside a drop in U.S. fuel inventories.

Brent crude futures added 53 cents, or 0.8%, to $64.60 a barrel, as of 0553 GMT, after climbing more than 2% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures gained 46 cents, or 0.8% to $61.74 a barrel, as reported by Reuters.

Read alsoNaftogaz could be forced to freeze gas price for householdsThe Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, are considering rolling over production cuts into April instead of raising output, as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters.

The market had been expecting OPEC+ to ease production cuts by around 500,000 barrels per day (bpd) from April and for OPEC leader Saudi Arabia to end its voluntary production cut of an additional 1 million bpd.

In the United States, despite a record surge of more than 21 million barrels in crude oil stockpiles last week, gasoline stocks fell by the most in 30 years as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions.

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