Oil Prices Up As Market Focuses On OPEC Meeting

Crude oil prices were up on Wednesday as the global oil market and investors focus on the meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies on Thursday.

International benchmark Brent crude was trading at $61.28 per barrel at 0623 GMT on Wednesday for a 0.13% gain after it closed Tuesday at $61.20 a barrel.

American benchmark West Texas Intermediate (WTI) was trading at $56.51 a barrel at the same time for a 0.18% increase after it ended the previous session at $56.41 per barrel.

OPEC and its allies, including Russia, are to meet on Thursday and Friday in Austria's capital Vienna to discuss the glut of supply in the global oil market and low oil demand around the world.

Many experts concur that the group, dubbed as OPEC+, will make deeper cuts to the current oil production level to boost crude oil prices. -