Oil rises on reports that OPEC might extend cuts, U.S.-China talks to continue

LONDON (Reuters) - Oil prices rose on Thursday after a Reuters' report showed OPEC and its allies are likely to extend output cuts until mid-2020 while fresh reports emerged that China has invited U.S. negotiators for a new round of talks. Brent crude rose 15 cents, or 0.2%, to $62.55 a barrel by 1300 GMT, while West Texas Intermediate crude was up 25 cents, or 0.4%, at $57.26. Both benchmarks had fallen earlier in the session.To support oil prices, OPEC and its allies are likely to extend..