Oil prices rose nearly 2% on Thursday on signs of improving demand in the United States, the world’s biggest crude consumer, and as OPEC and other producers finally agreed to a date for a meeting to discuss output cuts.
Brent crude futures rose $1.13, or 1.8%, to $62.95 a barrel at 0611 GMT. They dropped 0.5% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were up 90 cents, or 1.7%, at $54.66 a barrel. WTI fell 0.26% in the previous session.
“It’s a very mixed bag of factors. In the U.S. (oil) demand is likely to be picking up into summer and the OPEC meeting looks like there’s going to be an extension or even more cuts is a possibility,” said Phin Zeibell, senior economist at National Australia Bank.