Oil prices rise on expectations of Crude Oil production cuts around from the world

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Oil prices rose 2 percent on Tuesday, extending gains ahead of expected output cuts by producers OPEC , Russia and the mandated a reduction in Alberta Canadian supply.

International Brent crude oil futures rose 58 cents, or nearly 1 percent to a high of $62.27 by 9:26 a.m. ET (1426 GMT). The contract earlier rose as high as $63.58.

  • U.S. West Texas Intermediate (WTI) crude futures were 21 cents higher at $53.16, off a session high of $54.55.

The OPEC deal would reduce oil output by at least 1.3 million barrels per day (bpd), OPEC news sources have said, adding that they were still talking to Russia about the extent of its production cuts.

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