Oil markets nudged higher on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week's deal between OPEC and other crude producers to extend output curbs.
International benchmark Brent crude futures were trading up 6 cents, or 0.1 percent, from their last close at $62.51 per barrel by 0410 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.2 percent, at $57.59 per barrel.
Oil rose on Thursday after OPEC and non-OPEC producers led by Russia agreed to extend output cuts until the end of 2018, while also signalling a possible early exit from the deal if the market overheats.
Iran’s energy minister announced Nigeria and Libya would be included in the oil output deal and an OPEC communique stated the countries would not produce above 2017 levels in the new year.
The Oman minister said that Nigeria had agreed to cap output at 1.8 million barrels per day (bpd).
It looks like OPEC is bringing exempt members Libya and Nigeria into the fold with contributions to the efforts to erase the oversupply, and the two African producers have agreed to cap their production at a collective level less than 2.8 million bpd, according to Iran’s Oil Minister Bijan Zanganeh.
On Thursday, a delegate revealed that OPEC talks ended in Vienna with an agreement to extend the production cut deal through the end of 2018.