Oil prices have increased due to expectations that OPEC+ will extend its current production cuts. The potential extension is being debated amid rising global oil inventories, which have grown through April due to soft fuel demand. OPEC+ delegates and analysts suggest that maintaining the supply cuts could be beneficial, potentially leading to a bullish surprise. The group is set to meet on June 2 to finalize their decision. Additionally, U.S. crude oil inventories have fallen by 6.490 million barrels for the week ending May 17, according to the American Petroleum Institute (API). However, gasoline and distillate inventories in the U.S. have risen, contributing to a mixed market outlook. The market remains cautious as oil prices could become volatile this weekend if OPEC+ fails to extend the production cuts.