UPDATE 9-Oil prices climb, bolstered by ongoing supply curbs

* Russian minister, oil majors to discuss output cut
extension
* OPEC+ to meet in June to discuss maintaining cuts
* U.S. consumer confidence edges up in May

(New throughout, updates prices, market activity and comments
to settlement)
By Stephanie Kelly
NEW YORK, May 26 (Reuters) - Oil prices rose on Tuesday,
supported by signs that producers are following through on
commitments to cut supplies and as fuel demand picks up with
coronavirus restrictions easing.
Brent crude LCOc1 futures gained 64 cents, or 1.8%, to
settle at $36.17 a barrel. U.S. West Texas Intermediate (WTI)
crude futures CLc1 rose $1.10, or 3.3%, to settle at $34.35 a
barrel.
The Organization of the Petroleum Exporting Countries and
producers including Russia, a group known as OPEC+, agreed last
month to cut their combined output by almost 10 million barrels
per day in May-June to support prices at a time when coronavirus
pandemic quarantines have slashed fuel demand.
Russian Energy Minister Alexander Novak was due to meet oil
producers on Tuesday to discuss the possible extension of
current cuts beyond June, sources familiar with the plans told
Reuters. Some other nations including major Gulf producers Saudi
Arabia, United Arab Emirates and Kuwait have already pledged to
go beyond their commitments. The RIA news agency said Russian oil production volumes were
near the country's target of 8.5 million bpd for May and June.
"All the talk about balance in a couple of months seems to
be supportive," said Phil Flynn, senior analyst at Price Futures
Group.
On Monday, Russia's energy ministry quoted Novak as saying
that a rise in fuel demand should help cut a global surplus of
about 7 million to 12 million bpd by June or July. "Global crude supply in June will likely be down 12 million
bpd from March levels," said Bjornar Tonhaugen, Rystad Energy's
head of oil markets.
OPEC+ countries are due to meet again in early June to
discuss maintaining their supply cuts to shore up prices, which
are still down about 45% since the start of the year.