Brent Rises on Prospect of Longer Supply Cuts

Brent oil extended gains into an eighth straight session on Wednesday, having recovered nearly all last month's losses, after Saudi Arabia was said to be pushing its fellow OPEC members and some rivals to prolong supply cuts beyond June.

Brent crude futures were up 23 cents at $56.46 a barrel, having touched a one-month high of $56.65 earlier. It is the longest winning streak for Brent since February 2012, Reuters reported. US West Texas Intermediate crude futures were up 18 cents at $53.58 a barrel, on track for a seventh straight session of gains.

OPEC countries cut oil output in March by more than they pledged, according to figures the group published in a monthly report on Wednesday, as it sticks to an effort to clear a supply glut that has weighed on prices.

"Given yesterday's developments in the oil market, it is rather surprising to have seen limited price gains across the board," PVM Oil Associates analyst Tamas Varga said.