Global oil prices extended gains Thursday as ministers from the OPEC cartel meet in Vienna to hammer-out a deal on the extension of production cuts that could remove 1.8 million barrels of oil each day from the market until well into next year.
The Organization of Petroleum Exporting Countries' (OPEC) members, along with non-cartel participants such as Russia, are attempting to re-balance a market they claim is awash with supply owing in part to faster U.S. production rates and the development of shale oil reserves around the world. OPEC members currently pump around 31.9 million barrels a day, according to the International Energy Agency, down from 33.3 million in the latter half of 2016.
WTI futures for July delivery were marked 0.93% higher at $51.84 per barrel in early European trading, while Brent contracts for the same month, the global benchmark, were seen 0.9% higher at $54.44.
This article was written by a staff member of TheStreet.