Front-month Brent crude futures rose 23 cents to USD 65.11 a barrel by 0154 GMT. US crude climbed 54 cents to USD 60.68 a barrel. The gains came after prices for crude oil, gasoline and diesel jumped more than 3 percent on Tuesday as bullish investors made bets across the oil complex for another weekly drop in US stockpiles. "Crude oil prices rallied strongly overnight. US weekly crude oil inventories fell by a large 6.7 million barrels compared with expectations for a decline of less than 2 million barrels," ANZ bank said in a morning note on Wednesday.
Oil prices rose more than 2 percent on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a reduction in Canadian supply.
The Middle East-dominated Organization of the Petroleum Exporting Countries will meet on Thursday in Vienna to agree future output and will discuss strategy with other producers outside OPEC, including Russia.
OPEC and its allies are working towards a deal to reduce output by at least 1.3 million barrels per day (bpd), OPEC sources have told Reuters, adding that they were still talking to Russia about the extent of its production cuts.
more at source: https://www.reuters.com/article/us-global-oil-idUSKBN1O3016