Oil surges

Singapore : Oil prices rose by more than one percent, lifted by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day.

Brent crude oil futures were at $74.02 per barrel at 0645 GMT, up 97 cents, or 1.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $66.37 a barrel, up 84 cents, or 1.3 percent.

The Organization of the Petroleum Exporting Countries (OPEC), a producer cartel with top exporter Saudi Arabia as the de facto head, is meeting together with non-OPEC members including No. 1 producer Russia at its headquarters in the Austrian capital to discuss output policy.

The group started withholding supply in 2017 to prop up prices.

This year, amid strong demand, the market has tightened significantly, pushing up crude prices and triggering calls by consumers to increase supplies.