Oil prices rise before OPEC+ meeting about extending output cuts

Oil prices rise before OPEC+ meeting about extending output cuts

FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S., April 21, 2020.. LONDON (Reuters) - Oil prices rose on Tuesday on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week.. OPEC+ producers are considering extending their production cuts of 9.7 million barrels per day (bpd), equivalent to about 10% of global production, into July or August, at an online meeting likely to be held on June 4.. Under the original OPEC+ plan, the cuts were due to run through May and June, scaling back to a reduction of 7.7 million bpd from July to December..