Crude oil prices were up on Thursday as the global oil market awaits the production cut decision of OPEC and its allies in their meeting later in the day.

International benchmark Brent crude was trading at $33.34 per barrel at 0620 GMT for a 1.5% increase after closing Wednesday at $32.84 a barrel.

American benchmark West Texas Intermediate (WTI) was at $25.98 a barrel at the same time for a 3.5% gain after ending the previous day at $25.09 per barrel.

OPEC and its allies will meet via teleconference later Thursday in the hope of making substantial cuts to

Read more: Oil prices on rise as market awaits OPEC decision