OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets.
The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers.
"According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries.
Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output.
A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.
Persons:
Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our
Organizations:
REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson
Locations:
Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates