The West Texas Intermediate for July delivery climbed 1.37 U.S. dollars to settle at 36.81 dollars a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to Dow Jones Market Data.
Global benchmark Brent crude for August delivery rose 1.25 dollars to close at 39.57 dollars a barrel on the London ICE Futures Exchange.
The prices were buoyed by reports that the Organization of the Petroleum Exporting Countries and others including Russia, known as OPEC+, are mulling to extend their current production cuts beyond the end of June, at a meeting expected to be held on Thursday.
OPEC+ agreed in April to slash output by 9.7 million barrels per day for May and June as the COVID-19 pandemic ravaged demand. Those cuts are meant to be eased to 7.7 million barrels a day from July through the end of 2020.