Brent crude contracts soared more than 1 percent on Wednesday after Venezuela raised the perspective of interrupting some crude exports, though gains were limited following reports the U.S. government had asked main OPEC producers to increase production.
Brent crude futures were up 78 cents to $76.16 per barrel after falling to its trough since May 8 in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained 33 cents to $65.85 per barrel, having scaled an almost two-month low on Tuesday.
The next OPEC and Russia meeting will be held on June 22-23. The top world crude producers plan to decide how much output they will raise as global inventories have tightened while Venezuela’s exports have slid more than predicted. Possible U.S. sanctions on Iran are also weighing on market.