Crude oil prices were up in early trading on Monday with investor optimism that the Organization of Petroleum Exporting Countries (OPEC) will decide on deeper production cuts in their meeting this week.
International benchmark Brent crude was trading at $61.30 per barrel at 0630 GMT on Monday for a 0.36% gain after it opened at $61.08 a barrel.
American benchmark West Texas Intermediate (WTI) was trading at $56.09 a barrel at the same time for a 0.46% increase after it started the day at $55.83 per barrel.
While Brent crude lost 2.25% on Friday, WTI decreased by 5.01% as then OPEC and its allies were not expected to make deeper cuts in their output levels, but merely extend their production cut agreement until mid-2020, during their semi-annual meeting on Dec. 5-6 in Vienna.
Analysts, however, are now contemplating the group, dubbed as OPEC+, could lower their oil production volumes further in order to support prices.
Saudi Arabia-led OPEC and Russia-led non-OPEC agreed to lower their collective oil production level by a total of 1.2 million barrels per day in December 2018 until June 2019, and later extended this period until the end of March 2020.
Some analysts stress that making deeper production cuts is the only way for OPEC and its allies to increase crude oil prices.
By Ovunc Kutlu