Oil futures flew past $40 per barrel for the first time since March on Wednesday, extending impressive recent gains built amid expectations that Opec and allied producers will extend record production cuts at a crucial meeting likely to take place on Thursday.

The rally has also gained added momentum from the easing of travel restrictions and economic lockdowns in the wake of the Covid-19 outbreak, which crippled fuel demand.

Topping $40

Brent crude futures for August climbed above $40 a barrel early Wednesday, the highest level since 6 March.