Oil up nearly 2 per cent ahead of OPEC output talks

Oil gained yesterday ahead of an expected extension to production curbs by Opec and its allies, with further support from industry data showing a larger than forecast drop in US crude stockpiles.

Brent crude futures were up $1.18, or 1.9 per cent, at $62 (Sh6,386) a barrel in early trading.

The US West Texas Intermediate crude futures were up by 94 cents, or 1.7 per cent, at $57.04 (Sh5,875).