05:03 AM EDT, 06/03/2024 (MT Newswires) -- Crude oil prices spent the last week trading in a tight range but edged higher after the Organization of the Petroleum Exporting Countries and allied producers agreed to extend voluntary oil output cuts into the third quarter.

Brent crude gained 0.2% to US$81.27 per barrel and West Texas Intermediate crude rose 0.2% to US$77.13/b at last look early Monday. The group is continuing talks about extending through the rest of 2024 and into 2025, Reuters reported, citing unnamed sources.

Meanwhile, fundamental data was largely neutral, with a larger-than-expected drawdown in U.S. crude oil inventories last week offset by concerns about weak gasoline demand, ANZ Bank said in a Monday note.

As the U.S. driving season began, implied demand for gasoline fell to 9.1 million barrels per day while distillate demand dropped to its lowest levels in 26 years in March, the bank said, citing data from the U.S. Energy Information Administration.