Crude oil prices were on the rise early Tuesday as the Organization of Petroleum Exporting Countries (OPEC) delayed further cutting production to lower supply this year.
International benchmark Brent crude was trading at $58.84 per barrel at 0650 GMT with a 0.68% gain after ending Monday at $58.44 a barrel.
American benchmark West Texas Intermediate was at $53.20 a barrel at the same time with a 0.48% increase after closing the previous session at $52.94 per barrel.
For OPEC+, it is "premature at the moment" to consider deepening cuts at its meeting in December to stabilize the global oil market, OPEC Secretary General Mohammed Barkindo told Russian news agency TASS on Monday
OPEC and its allies, dubbed as OPEC+, which includes Russia, agreed in early July to extend curbing their total production by 1.2 million barrels per day (mbpd) until the end of March 2020.
The group had decided on Dec. 7, 2018 to lower total output by 1.2 mbpd in order to balance the oil market and support crude prices.
By Ovunc Kutlu