Oil climbs above $40 for the first time in 3 months on hopes of extended production cuts

Lev Fedoseyev via Getty

• Oil rose past $40 per barrel on Wednesday, three months after oil prices plunged over 30% at the worst level since the Second Gulf War.
•  In early European trading, Brent crude rose to $40.12 a barrel amid reports that OPEC+ members are favouring extension of production cuts currently set to end in June.
• The cartel could meet to discuss those cuts as early as Thursday, Reuters reported.
• OPEC's leading member, Saudi Arabia, is reportedly eyeing an extension of one to three months.
• "The oil market seems to be following the stock market optimism that for now has been unbreakable despite a looming China risk and rising social unrest in the US," said Edward Moya, a market analyst at OANDA.
• Visit Business Insider's homepage for more stories.

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Oil rose on Wednesday on reports that Russia and several other OPEC+ members signaled an inclination for an extension of production cuts by one month. 

Oil's international benchmark, Brent crude, rose 2.1% to $40.12 in early European trading. US benchmark West Texas Intermediate rose 1.6% to $37.41 a barrel. 

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