Brent, the global benchmark, rose 13 cents, or 0.21%, to $60.62 a barrel on ICE Futures Europe. Brent prices broke above $60 a barrel last week for the first time since July 2015, supported by expectations that an agreement to cut output between the Organization of the Petroleum Exporting Countries and other major producers including Russia would be extended beyond its current time frame of March 2018. Analysts said oil remained underpinned by falling U.S. stocks, which is helping to drain the buildup of global inventory, accumulated over several years of surplus supply. The U.S. Energy Information Administration published data on Wednesday showing crude stockpiles fell by 2.4 million barrels in the week ended Oct. 27. Stronger than expected demand as well as reduced supplies have converged to lift prices in recent weeks, analysts said. “On a global basis, better than expected oil demand is likely developing off of […]