Brent crude and WTI: Oil prices extend gains on output freeze meeting

Jessica Morris
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Opec and non-Opec producers are due to meet (Source: Getty)

Oil prices extended gains this morning, continuing to rise on firmer news of a meeting to discuss freezing output at January levels between the world's biggest suppliers.

Opec and non-Opec producers are due to hold a meeting next month, even without the participation of rebel Iran. This would would increase the likelihood of the first global supply deal in 15 years.

Brent crude, the global benchmark, rose 0.5 per cent to $40.52 per barrel. Meanwhile, West Texas Intermediate crude, the US benchmark, swelled 1.25 per cent to $38.94.

Data released yesterday also showed US oil stocks rose to 1.3m barrels in the week to March 11 to 523.2m, a much smaller build than the 3.4m-barrel increase expected by analysts.

""A smaller than expected gain in inventories in the U.S. also supported prices," ANZ said in a note.

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