OPEC daily basket price stood at $58.49 a barrel Thursday, 2 November 2017

Brent crude futures LCOc1 were up 59 cents at $61.53 per barrel at 0905 GMT, having hit a session peak of $61.70 earlier, the highest since July 2015. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 a barrel, up 74 cents.

ICE Brent crude futures remained at 27-month highs in mid-morning trade in Asia Monday, following the gains last week on the expectation that planned supply cuts will be extended to the end of 2018.

Brent crude futures, the international benchmark for oil prices, were at $60.55 per barrel at 0655 GMT, 10 cents or 0.15 percent above their last settlement and near their highest level since July 2015. They have risen more than 36 percent since from 2017-lows marked in June. U.S. West Texas Intermediate (WTI) crude futures were up 11 cents, or 0.2 percent, at $54.01 a barrel.

Brent LCOc1 rose 59 cents to $58.89 a barrel by 10:51 a.m. ET, after rising to a session high of $60.08, the highest since July 2015 and more than 35 percent above its 2017 lows touched in June. U.S. light crude oil CLc1 was up 78 cents, or 1.48 percent at $53.42 after rising to a session high of $53.52 a barrel. U.S. crude prices have been capped by rising U.S. production.

Brent crude, the global benchmark, was up 8 cents at $58.41 a barrel by 0646 GMT, after settling on Tuesday up 96 cents, or 1.7 percent. U.S. West Texas Intermediate crude was trading down 9 cents at $52.38.

Compliance among OPEC and major non-OPEC producers reached 120% in September, its highest level since the output constraint deal was launched in January, the Joint Ministerial Monitoring Committee said.

Brent crude futures were at $57.87 at 0622 GMT, up 12 cents, or 0.21 percent, from their last close. U.S. West Texas Intermediate (WTI) crude was at $52.04 per barrel, up 20 cents, or 0.39 percent.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $57.45 at 0639 GMT, up 22 cents, or 0.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.54 per barrel, up 25 cents, or 0.5 percent.

Russia’s readiness to back an extension of the supply cuts agreement between Opec and its allies until the end of 2018 has prompted oil ministers to seek widespread support for the proposal, Opec’s secretary-general said on Thursday.