Oil prices increase ahead of Opec+ meeting on extended output cuts

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 futures rose 0.94 per cent, or 36 cents, to $38.68 a barrel as of 0630 GMT.

West Texas Intermediate (WTI) crude futures rose 0.73 per cent, or 26 cents, to $35.70 a barrel. Brent has doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia,.

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