OPEC crude production rises in April - IEA

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"The agreement needs to be extended as we will not reach the desired inventory level by end of June", Saudi Arabia's Khalid Al-Falih said during the event with Russia's Alexander Novak.

Benchmark West Texas Intermediate crude oil for June delivery traded up almost 3% this morning to $49.25, while Brent crude for July delivery traded up 2.9% at $52.32.

The statement comes ahead of Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on May 25 when leaders of the member nations would consider extending output cuts agreed with 11 non-members including Russian Federation in December previous year, Reuters added.

Russian Federation and Saudi Arabia, the largest of the 24 nations that agreed to a deal to cut production for six months starting in January, are reaffirming their commitment to the deal amid growing doubts about its effectiveness. Brent crude was at $51.65 per barrel at 0500 GMT, up 81 cents.

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Crude oil futures inched lower Tuesday, ending a streak four consecutive winning sessions after a warning on the global supply glut.

Current Oil Minister Bijan Zanganeh, speaking on 6 May, said he believed producers were likely to extend the Opec-led deal although he did not give a timeframe, and added $55 was a suitable price for oil.

Following the Russia-Saudi statement, Kazakh Energy Minister Kanat Bozumbayev said "Kazakhstan should follow the trend", in comments reported by Russia's RIA Novosti agency.

In November 2016, OPEC member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

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Kuwait's oil minister, Essam al-Marzouq, on Tuesday backed the Saudi/Russian initiative. "These combined volumes could largely offset the benefit of the extended cuts", Goldman Sachs said, keeping its average Brent price forecast for the third quarter at $57 per barrel.

This rise in the stock market for oil and other commodity products is expected to replace the shocking events that had occurred the other week which included the missile testing by North Korea and the cyber attack which damaged more than 2,00,000 computers in more than 150 countries.

Crude sank to a five-month low earlier this month, rattled by concern over increasing USA crude output that has shaken investors' faith in the ability of OPEC to rebalance the market.

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