Oil building on its gains in Asia time zone trade

Supportive for oil prices are OPEC looking to extend its current level of production cuts.

I haven't seen confirmation but the reports are that a one-month extension of 23% cut to output has been agreed to (against prior agreement for cut to production falling to 17% from the start of July.)

Still up in the air is the OPEC+ meeting to be brought forward to this week.

• Over the weekend Algerian Energy Minister Mohamed Arkab proposed the shift, the meeting is currently scheduled for June 9-10.