Muscat: Oil prices today extended gains on the prospect of tighter supply as some OPEC producers pledged further output cuts to compensate for pumping above agreed quotas. Brent crude futures rose 34 cents, or 0.5%, to $66.19 a barrel, and US West Texas Intermediate crude was at $62.91 a barrel, up 44 cents, or 0.7%.

According to Oman News Agency, both benchmarks settled 2% higher on Wednesday at their highest levels since 3 April 2025 and are on track for their first weekly rise in three. The anticipated cuts from OPEC producers come as a response to earlier production levels exceeding agreed quotas, aiming to stabilize the market and address concerns over supply surpluses.

This development indicates a strategic move by OPEC countries to manage oil supply proactively, influencing market prices favorably. The recent rise in oil prices underscores the volatile nature of the global oil market, where geopolitical and economic factors frequently impact production and pricing dynamics.