LONDON (Reuters) – Oil costs increased on Thursday on expectations the world’s leading crude producers will overcome challenges at a meeting later on in the day that have up until now avoided an offer to cut output in response to a collapse in global need.
FILE IMAGE: Oil pump jacks operate at sunset near Midland, Texas, U.S., August 21,2019 Photo taken August 21,2019 REUTERS/Jessica Lutz/File Picture
Brent crude LCOc1 futures were up 3.7%, or $1.22, at $3406 a barrel as of 0902 GMT after striking a high of $3408 early in the session.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 4.8%, or $1.2, at $2629 a barrel, after earlier striking a session high of $2667 a barrel.
The Company of the Petroleum Exporting Countries (OPEC) and allies including Russia – a group known as OPEC – are set to hold a video conference on Thursday at about 1400 GMT.
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