The Ice front-month August Brent contract was at $40.16/bl at 02:25 GMT, up by 59¢/bl from its settlement yesterday. The contract had risen as high as $40.42/bl earlier in the session. Ice Brent crude futures last settled above $40/bl on 6 March.
The Nymex front-month May WTI crude futures contract was at $37.60/bl, higher by 79¢/bl from its close yesterday, after earlier peaking at $37.88/bl.
Opec and its non-Opec partners will debate extending by a month or two the group's production quotas at May and June levels, at a meeting that could happen this week.
The videoconference is the first meeting since Opec and its non-Opec partners, known collectively as Opec+, struck their two-year output restraint agreement in early April. It calls for the removal of 9.7mn b/d of crude from the market in May and June, and then a collective cut of 7.7mn b/d in the second half of the year. Two proposals under consideration would see the deeper cuts continue beyond into July and/or August.
Russia came close to its Opec+ crude output quota of 8.49mn b/d last month, the energy ministry said. Russia produced 8.59mn b/d of crude in May, 100,000 b/d above its quota for May and June under the Opec+ agreement.
