U.S. crude oil gained more than 1% on Tuesday after booking a loss last week as the market focuses on an upcoming key OPEC+ meeting.
OPEC+ will hold a virtual meeting on Sunday to review its production policy.
Deutsche Bank analyst Michael Hsueh said OPEC+ countries are unlikely to raise production given that the current price of Brent is closer to $80 per barrel than $90 per barrel.
Tamas Varga, analyst with oil broker PVM, said he expects "no changes in production will be forthcoming" because the meeting is virtual.
And the stabilization of U.S. production since September has given OPEC some room to maneuver, he said.
Persons:
Michael Hsueh, Brent, Tamas Varga, Hsueh
Organizations:
Deutsche Bank
Locations:
OPEC, Saudi Arabia