© Reuters. FILE PHOTO: A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew Kelly/File Photo
SINGAPORE (Reuters) – 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.
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. U.S. West Texas Intermediate (WTI) crude futures were trading 43 cents higher, also 0.6%, at $75.28 a barrel, after falling for three straight sessions.
OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024.
” was up sharply in early trade amid reports that OPEC would reduce its output quotas,” ANZ Research said in a client note on Tuesday.
The group, whose move last week to postpone the meeting to iron out disagreements over production targets for African producers sent oil prices tumbling, has since moved closer…
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