Oil prices rose in early trade on Tuesday, with traders waiting to see whether major crude producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week.
Brent crude futures rose 0.3%, or 12 cents, to $38.44 a barrel as of 0011 GMT.
U.S. West Texas Intermediate (WTI) crude futures traded in a 38 cent range on either side of Monday’s close, and last traded up 0.3%, or 9 cents, at $35.53 a barrel.
Brent prices have doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, dubbed OPEC+. However, prices are still down about 40% for the year so far.
