Global oil prices rose on Wednesday as producers may choose not to boost output in a meeting this week, according to Reuters.

  • Brent oil was up 66 cents or 1% to $63.36 a barrel by 1313 GMT. U.S West Texas Intermediate (WTI) crude gained 65 cents to 1.1% to $60.40 a barrel.
  • Prices climbed after reports that the Organization of the Petroleum Countries (OPEC), Russia, and their allies are considering rolling over production cuts from March into April instead of increasing production.
  • The group is scheduled to meet on Thursday. It was widely expected by the market to ease production cuts.
  • Kuwaiti Oil Minister Mohammad al-Fares said the market was being supported by optimism about vaccinations. U.S President Joe Biden said the country would have enough doses for every American adult by end-May.
  • American Petroleum Institute (API) industry group reported a 7.4-million barrel increase in U.S crude stocks in the week to Feb. 26 versus analysts estimates of 928,000 barrels.