Oil prices edged higher early on Tuesday after Russia said it may agree to extend a pact with OPEC to keep 1.2 million barrels of oil per day off the market.

West Texas Intermediate crude for July delivery was last seen up US$0.65 to US$53.91 per barrel while near month Brent crude rose US$0.38 to US$62.67.

OPEC and Russia are scheduled to meet to discuss extending their production cut agreement, with expires at month end. The cuts have helped winnow global stockpiles and pushed prices higher, along with the removal of supplies from Iran and Venezuela.

A rising appetite for risk is also helping to support oil prices, with stock markets in Asia and Europe moving higher and futures pointing to a higher open in New York.