Oil prices rose on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a reduction in Canadian supply.

Axar.az reports citing Reuters.

Brent crude oil LCOc1 jumped by $1.89 or 3 percent to a high of $63.58 before slipping back to trade around $62.25, up 56 cents by 1425 GMT.

U.S. light crude CLc1 was last up 20 cents at $53.15 after earlier gaining more than 3 percent to an intraday high of $54.55 a barrel.

Both benchmarks climbed by around 4 percent on Monday after U.S. President Donald Trump and Chinese counterpart Xi Jinping agreed at a meeting of the Group of 20 industrialized nations (G20) to pause an escalating trade dispute.

The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna to agree output policy and will discuss its strategy with producers outside OPEC, including Russia.

OPEC and its allies are working towards a deal to reduce output by at least 1.3 million barrels per day (bpd), OPEC sources, adding that they were still talking to Russia about the extent of its production cuts.