Crude oil prices rose sharply on Tuesday on hopes the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, will extend output cuts, or might even consider increase the quantum of reduction.
OPEC+ is scheduled to hold an online ministerial meeting on Thursday (November 30) to discuss production targets for next year.
A weak dollar contributed as well to the jump in oil prices.
West Texas Intermediate Crude oil futures for January ended up $1.55 or about 2.1% at $76.41 a barrel.
Brent crude futures were up $1.58 or about 1.98% at $81.45 a barrel a little while ago.
Markets now await weekly oil reports from the American Petroleum Institute (API) and Energy Information Administration (EIA).
The API data, due later in the day, is expected to show a decline of 2 million barrels in crude oil inventories during the week ended November 24. Inventories had surged by more than 9 million barrels in the previous week.
Official data from EIA is also expected to show a reduction of 2 million barrels, as compared with the addition of 8.7 million barrels in the previous week.
