Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.
Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak.
OPEC+, which combines the Organization of the Petroleum Exporting Countries, or OPEC, and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024.
"Crude oil was up sharply in early trade amid reports that OPEC would reduce its output quotas," ANZ Research said in a client note on Tuesday.
This may soften the US opposition to any move to tighten oil markets and support prices," ANZ said.
Organizations:
Brent, . West Texas, Organization of, Petroleum, ANZ Research, Reuters, ANZ
Locations:
Russia, Saudi Arabia, United States