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Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices.
Brent crude futures were up 32 cents, or 0.6 percent, from their last close at $53.93 per barrel at 0145 GMT.
U.S. West Texas Intermediate (WTI) crude futures were back above $50 per barrel, trading up 32 cents, or 0.6 percent, at $50.65.
Both benchmarks have risen more than 10 percent from their May lows early in the month.
Prices have risen because of expectations that a pledge by the Organisation of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of covering just the first half of this year.
The option of deepening the production cut was also being discussed ahead of a meeting of OPEC and its allies in Vienna on May 25, sources said.
Brent crude futures were up 32 cents, or 0.6 percent, from their last close at $53.93 per barrel at 0145 GMT.
U.S. West Texas Intermediate (WTI) crude futures were back above $50 per barrel, trading up 32 cents, or 0.6 percent, at $50.65.
Both benchmarks have risen more than 10 percent from their May lows early in the month.
Prices have risen because of expectations that a pledge by the Organisation of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of covering just the first half of this year.
The option of deepening the production cut was also being discussed ahead of a meeting of OPEC and its allies in Vienna on May 25, sources said.
