Oil prices rise in anticipation of extended OPEC-led production cut

Oil prices rose ahead of an OPEC meeting on Thursday that is expected to extend a

production cut aimed at tightening the market well into 2018, adding at least nine months to an initial six-month cut in the first half of this year.

Brent crude futures were trading at $54.40 per barrel at 0118 GMT, up 44 cents, or 0.82 percent from their last close.

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U.S. West Texas Intermediate (WTI) crude futures were at $51.76, up 40 cents, or 0.78 percent.

Both benchmarks have risen more than 16 percent from their May lows.

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