Global oil prices rose on Tuesday as traders looked to a meeting next week at which major crude exporters are expected to extend production cuts, though rising U.S. output capped gains.
According to Reuters, Brent crude oil LCOc1 was up 47 cents at $62.69 a barrel at 0932 GMT. U.S. light crude CLc1 was at $56.74, up 32 cents.
Analysts said Brent was expected to fluctuate in a narrow range, between $61 and $63, as the market awaited the outcome of the Organization of the Petroleum Exporting Countries’ meeting on Nov. 30.
OPEC, together with a number of non-OPEC producers led by Russia, has been restraining output this year in an effort to end a global supply overhang and prop up prices.
At its meeting next week, the group is widely expected to extend the deal beyond its March 2018 expiry date.
OPEC is expected to extend cuts as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to keep restricting production.
But the biggest headache for OPEC has been a rise in U.S. drilling, led by shale oil producers.
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