Crude Oil prices advanced on Tuesday, extending strong gains from Monday’s trade amid expected OPEC-led supply cuts.
The US WTI crude futures were traded at USD 53.35 per barrel, up 0.8 percent, from their last close. The International Brent crude oil futures were up 0.7 percent, at USD 62.09 per barrel.
Brent and WTI climbed by about 4 percent on Monday’s session after Washington and Beijing agreed that they would negotiate for 90 days before taking any further action.
The OPEC will on December 6 meet at its headquarters in Austria, Vienna to agree a combined output policy, where discussion will take place on policies with non-OPEC production country Russia, as per reports.