Crude-oil futures climbed Friday morning, supported partly by reports that major oil producers are tentatively expected to convene over the weekend to outline plans to extend productions cuts.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are expected to hold a meeting via videoconference on Saturday, Reuters reported late Thursday afternoon and Russia confirmed on Thursday. The group decided to move forward a meeting that had been planned for June 9-10, after a tentative plan to meet on June 4 fell apart.

A plan for a weekend meeting is being viewed as a signal to crude investors that the group may be more inclined to deliver substantive near-term measures to stabilize oil’s value.

West Texas Intermediate crude for July delivery was up 81 cents, or 2.2%, at $38.23 a barrel a barrel on the New York Mercantile Exchange. Global benchmark Brent saw its August contract climbed $1.19, or 3%, to trade at $41.20 a barrel on the ICE Futures Europe.For the week, WTI, the U.S. oil contract, was up 7.8%, while Brent has climbed 8.9% based on last Friday's closing value for the August contract.

Source : Marketwatch