UPDATE 11-Oil up more than 3% ahead of OPEC+ meeting and on easing lockdowns

* OPEC+ weighs extending 9.7 mln bpd output cut
* Extension could run to Sept. 1 -analyst
* U.S. crude stocks dip, fuel inventories rise in latest
week -API

(Adds crude oil inventory data)
By Laila Kearney
NEW YORK, June 2 (Reuters) - Oil prices climbed by more than
$1 a barrel on Tuesday on hopes that major crude producers will
agree to extend output cuts during a video conference expected
to be held this week and as countries and U.S. states begin to
reopen after coronavirus lockdowns.
Brent crude LCOc1 settled at $39.57 a barrel, rising
$1.25, or 3.3%. U.S. West Texas Intermediate crude (WTI) CLc1
settled at $36.81 a barrel, jumping $1.37, or 3.9%.
Both benchmarks neared three-week highs.
"There's the anticipation that OPEC+ is going to agree to
extend their current levels for another two months, and at the
same time, the market anticipates that the reopening of
economies around the world will increase demand and will get us
in a position such that, by August, the oil market will be in
balance," said Andy Lipow, president of consultants Lipow Oil
Associates.
The Organization of the Petroleum Exporting Countries and
others including Russia, a grouping known as OPEC+, are
considering extending their production cuts of 9.7 million
barrels per day (bpd), or about 10% of global output, into July
or August, at a meeting expected to be held on Thursday.
Under the original OPEC+ plan, the cuts were due to run
through May and June, scaling back to a reduction of 7.7 million
bpd from July to December.
Saudi Arabia has been pushing to keep the deeper cuts in
place longer, sources said.
The gradual reopening of businesses in a growing number of
U.S. states and countries after shelter-in-place mandates caused
by the coronavirus pandemic also boosted fuel demand and aided
oil prices.
U.S. crude inventories fell by 483,000 barrels in the week
to May 29 to 531 million barrels, compared with analysts'
expectations for a build of 3 million barrels, data from
industry group the American Petroleum Institute showed.
Official data will be released on Wednesday. EIA/S