Oil prices moved higher on Friday as traders await cues from an expected OPEC+ meeting where major oil producers will discuss whether to extend record production cuts.
Brent crude futures were up 27 cents, or 0.7%, at $40.26 a barrel as of 0620 GMT, while US West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.5%, to $37.58 a barrel.
Brent has risen about 14% this week, while WTI is up nearly 6%, leaving benchmarks on track for a sixth week of gains. The surge was triggered by the output cuts amid signs of improving fuel demand as countries begin to ease lockdowns they had imposed to prevent the spread of the new coronavirus.
The Russian energy ministry said a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday.
Separately, an OPEC+ source told Reuters that the OPEC conference was scheduled to start at 2 pm Vienna time (1200 GMT) on Saturday followed by the OPEC+ online meeting at 4 pm.
The OPEC+ meeting had been expected to take place on June 4, but was delayed amid talk about poor compliance with commitments to cut supply by some producers.
