Oil prices gain on Wednesday

Oil prices rose on Wednesday. Brent crude futures gained 1.3% to $40.08 a barrel in the morning, while U.S. West Texas Intermediate crude jumped nearly 2%, at $37.54 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia are moving closer to a compromise on the duration for extending current oil output cuts, whereby both sides are now discussing a proposal to rollover supply curbs for 1 to 2 months.

In April, OPEC and other producers led by Russia (OPEC+) agreed to reduce output by 9.7 million barrels per day (bpd) in May and June, Argaam reported.