Oil rose in New York, extending the biggest gain in six weeks, amid concern OPEC may reduce output in response to the International Energy Agency’s move to release oil stockpiles.

Futures advanced as much as 1.5 percent after rallying 2.5 percent yesterday. The IEA’s plan to release strategic reserves sparked speculation that the Organization of Petroleum Exporting Countries may limit output. A U.S. report today may show crude stockpiles fell more than forecast last week, and Greece’s parliament will vote on a plan to cut spending and sell assets.

“If IEA countries are releasing stockpiles Saudi Arabia won’t increase production as much as expected,” said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich in Vienna. “Markets are looking at a positive outcome in Greece.”

Crude for August delivery rose as much as $1.41 to $94.30 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.82 at 12:58 p.m. London time. Yesterday, the contract climbed 2.5 percent to $92.89, the biggest one-day gain since May 18. Prices are up 2.7 percent so far this year.

Brent oil for August settlement on the London-based ICE Futures Europe exchange was at $109.88 a barrel, up 1.1 percent. The European benchmark contract was at a premium of $16.06 to U.S. futures.