Oil rises ahead of OPEC meetings supported by lower US inventories
Economy News _ Baghdad
Oil rallied on Wednesday ahead of meetings this week as OPEC and its allies are considering extending production restrictions to shore up the market, while industry data showed that US crude oil inventories fell more-than-expected, contributing to higher prices.
Brent crude futures were up 44 cents, or 0.7 percent, at $ 61.26 a barrel by 0706 GMT.
US West Texas Intermediate (WTI) crude futures were up 38 cents, or 0.7 percent, at $ 56.48.
The Organization of the Petroleum Exporting Countries and allies including Russia, the group known as OPEC +, are preparing to approve further cuts in oil production this week when they meet in Vienna, according to the group's second-largest producer.
Iraqi Oil Minister Thamir al-Ghadhban told reporters on Tuesday in Vienna that a number of key members tended to increase the cut.
OPEC meets on Thursday and then OPEC + meets on Friday. OPEC + has been cutting supplies since 2017 and is expected to keep the cuts in place to ease the impact of record production in the United States.
Crude oil inventories in the US fell more-than-expected last week, according to the American Petroleum Institute. Crude inventories fell by 3.7 million barrels, more than double the expected level of 1.7 million barrels.