Singapore — Oil prices climbed on Wednesday after a reported fall in US crude inventories and on expectations that an Opec-led production cut aimed at tightening the market will be extended beyond next March. Brent crude futures, the international benchmark for oil prices, were at $63.07 a barrel at 2.57am GMT, up 50c or 0.8% from their last close. US West Texas Intermediate (WTI) crude futures were at $57.74 a barrel, up 92c or 1.6%. Traders said markets had been supported by an effort led by the Organisation of the Petroleum Exporting Countries (Opec) to restrain output in a bid to end a global supply overhang. The deal to curb production is due to expire in March, but Opec will meet on November 30 in Vienna to discuss the outlook for the policy. "The meeting’s outcome will ultimately determine oil prices’ near-term fate," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda. JP Morgan said in its 2018 commodities outlook, released late on Tuesday, that ...
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