Oil firms on prospect of OPEC+ extending output cuts

Oil climbed for a second day on Thursday as prospects that OPEC+ producers might decide to not raise output at a key meeting later in the day supported prices. 

Brent crude futures rose 0.4%, or 27 cents, at $64.34 per barrel. U.S. West Texas Intermediate crude futures were up 0.3%, or 19 cents, at $61.47 per barrel.

OPEC and its allies are considering extending output cuts into April instead of increasing supply, as oil demand recovery remains weak due to the coronavirus pandemic.

Investors had been expecting OPEC+ to lower production cuts by almost 500,000 bpd from April.

U.S. crude inventories spiked by a record of over 21 million barrels last week as refining dropped to an all-time low due to the Texas deep freeze.