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Oil gains on anticipations of OPEC-led production cuts

Crude prices jumped by more than 1 percent on Tuesday, extending gains from the previous session amid widely expected OPEC-led supply cuts.

Photo: Reuters

U.S. sweet, light crude futures soared 1.1 percent to $53.53 a barrel. International benchmark Brent crude oil futures climbed 1.1 percent, to $62.39 a barrel.

Investors await OPEC meeting on Dec. 6 in Vienna, Austria. The top crude producers will discuss further output cut.

OPEC’s main problem is rising output in the United States, where production has surged by around 2 million bpd in a year to more than 11.5 million bpd.

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