2017.11.3002:09:00UTC+00Oil Markets Cautious Ahead of OPEC Meeting in Vienna

Oil markets were cautious before an OPEC meeting in Vienna, where producers are slated to debate a prolongment of the production-cut deal that was implemented in January with the aim of tightening supplies and driving up prices.

The OPEC will be meeting at its headquarters in Vienna, along with ministers from other oil producing nations, most importantly Russia.

Brent crude oil futures, the international benchmark for oil prices stood at $62.74 per barrel, higher by 21 cents from the previous settlement. U.S. West Texas Intermediate crude futures stood at $57.41 per barrel, higher by 11 cents from the last settlement.

The producer cartel is slated to hold an open session at 10 am in the Austrian capital, according to a tentative program on the organization's website. Non-OPEC ministers are slated to join at 3 pm, succeeded by a joint press conference after the meeting.

While no official statement has been released, OPEC and Russia are giving off signals that they are prepared to extend their oil supply cuts until the end of 2018.

An extension may include an assessment in June if healthy demand amid an ongoing production supply limit overheat the market.