Oil up nearly 3% ahead of OPEC+ meeting and on easing lockdowns

Oil up nearly 3% ahead of OPEC+ meeting and on easing lockdowns

NEW YORK (Reuters) - Oil prices climbed about $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to reopen after coronavirus lockdowns.. 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.. " the week's focus is seeing a shift toward a combined Saudi-Russia effort to extend current substantial production cuts across the summer period in further reducing a substantial supply glut," said Jim Ritterbusch of Ritterbusch Oil Associates.. Steadily increasing U.S. gasoline demand falling crude inventories at the nation's oil storage hub in Cushing, Oklahoma, has also supported prices, Yawger said..