Futures added 0.3 percent in New York after closing lower Wednesday for the first time in six sessions. A committee of OPEC members and its allies recommended prolonging the curbs for another nine months, according to a statement from the group. A final decision is expected Thursday. In the U.S., oil inventories dropped a seventh week while output rose, government data shows.
Crude has climbed as Saudi Arabia and non-OPEC member Russia rally support for an extension into 2018 of the output-cut deal by the Organization of Petroleum Exporting Countries and its allies. While stubbornly high global inventories have taken longer than expected to drain, signs that U.S. stockpiles are easing from a record is adding to optimism.
West Texas Intermediate for July delivery was at $51.52 a barrel on the New York Mercantile Exchange, up 16 cents, at 7:38 a.m. in Hong Kong. Total volume traded was about 37 percent below the 100-day average. Prices lost 11 cents to $51.36 on Wednesday, slipping from the the highest close since April 18.
Brent for July settlement fell 19 cents, or 0.4 percent, to $53.96 a barrel on the London-based ICE Futures Europe exchange on Wednesday. The global benchmark crude ended the session at a premium of $2.60 to WTI.