Oil prices climbed on Monday, pushing futures to their highest levels in more than a month, as expectations grow for an extension to the OPEC-led production cut agreement into the first quarter of next year.
June West Texas Intermediate crude tacked on 32 cents, or 0.6%, at $50.64 a barrel.
The contract expires at the session’s end, with July crude which traded at $51.04, up 37 cents, or 0.7%, set to become the front-month contract. July Brent crude LCON7, +0.65% the global benchmark, rose 24 cents, or 0.5%, to $53.85 a barrel.
Trinidad and Tobago is among 14 countries that the Organisation of Petroleum Exporting Countries (OPEC) has invited to discuss cutting back on oil production.
The non-OPEC countries are being asked to follow, by a lesser amount, the cuts agreed to by OPEC last week that have already resulted in an 18% rise in the price of oil.
The invitees are Russia, Mexico, Bahrain, Colombia, Congo, Egypt, Trinidad and Tobago, Bolivia, Kazakhstan, Uzbekistan, Turkmenistan, Azerbaijan, Oman and Brunei.
The Organization of the Petroleum Exporting Countries (OPEC) has agreed its first oil output cuts since 2008.
According to the Reuters News Agency, the agreement was in line with an accord reached in Algiers in September.
OPEC member Algeria was proposing to set a new production ceiling at 32.5 million barrels per day, down from current levels of 33.6 million.
Oil prices jumped more than 8 percent on Wednesday to a five-week high after the announcement.