Crude oil futures made further progress this morning, continuing to trade above the $60 per barrel mark.
Brent crude hit $60 per barrel on Friday for the first time in over two years, capping a solid few months for oil that have seen OPEC-led production cuts and higher demand push up prices.
Over recent trading sessions, speculation has been increasing that OPEC and nine producer countries including Russia will agree to extend their current pact to cut output beyond its expiry in March.
Brent was trading at $60.20 this morning, about 0.1% up on the trading session.
Recent comments from Saudi officials appearing to support an extension of the agreement continue to boost sentiment on the outlook for prices.