Agency reported that Oil prices rose on Wednesday, March 3, boosted by expectations that OPEC+ producers might decide against increasing output when they meet on Thursday.
Signs of progress in the coronavirus vaccine rollout in the United States gave further support.
Brent oil was up $1.28, or two per cent, to $63.98 a barrel by 1050 GMT. U.S. West Texas Intermediate (WTI) crude rose $1.17, or two per cent, to $60.92 a barrel.
An analyst at Swiss bank Julius Baer, Norbert Rucker said,“The fundamentals of the oil market suggest further strength as oil demand grows with the recovery and leisure and travel activity is likely to bounce. We see oil prices pushing temporarily above $70 by mid-year.”
Oil prices jumped after Reuters reported based on three sources that the Organisation of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, are considering rolling over production cuts from March into April rather than raising output.