Oil is on its way to ending a series of losses

Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial OPEC+ meeting, which is widely expected to see production cuts increased and extended amid fears that supply will continue to exceed demand.

By 0152 GMT, Brent crude futures rose 45 cents, or 0.6 percent, to $80.43 per barrel, on its way to ending a four-day losing streak. As for US West Texas Intermediate crude futures, they rose 43 cents, or 0.6 percent, to $75.28 per barrel, after declining for three consecutive sessions.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on November 30 to discuss production targets for 2024.

Four OPEC+ sources told Reuters on Friday that the group was close to reaching a compromise on production quotas, which could help reach consensus on further cuts. The coalition moved last week to postpone the meeting with the aim of resolving differences over production targets for African producers, which led to a decline in oil prices.

Analysts say strong production from non-OPEC countries such as the United States is adding pressure on prices.

ANZ said, “Saudi Arabia may feel comfortable with the decline in US gasoline prices for 60 days in a row. This may ease US opposition to any move to tighten oil markets and support prices.”