Oil rises as investors anticipate OPEC production cuts

Oil prices rose on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a reduction in Canadian supply.

Brent crude oil jumped by $1.89 or 3 percent to a high of $63.58 before slipping back to trade around $62.25, up 56 cents by 1425 GMT.

U.S. light crude was last up 20 cents at $53.15 after earlier gaining more than 3 percent to an intraday high of $54.55 a barrel.

Both benchmarks climbed by around 4 percent on Monday after U.S. President Donald Trump and Chinese counterpart Xi Jinping agreed at a meeting of the Group of 20 industrialised nations (G20) to pause an escalating trade dispute.

"Buying pressures remain at the fore of the energy complex as market players keenly await fresh supply curbs," said Stephen Brennock, analyst at London brokerage PVM Oil.

The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna to agree output policy and will discuss its strategy with producers outside OPEC, including Russia.

OPEC and its allies are working towards a deal to reduce output by at least 1.3 million barrels per day (bpd), OPEC sources have told Reuters, adding that they were still talking to Russia about the extent of its production cuts.

However Saudi Oil Minister Khalid Al-Falih said it was too soon to be certain that OPEC and other oil exporters would cut production because the terms of a deal remain unresolved.

Commodity Mcx Live Price