Oil Prices Rise ahead of OPEC+ Meeting on Supply Cuts

In early Asian trade on Tuesday, oil prices inched higher in anticipation that OPEC+ may agree to a large cut in crude output when it meets on Wednesday, though gains were capped by worries about the global economy.

By 10:20 a.m. Thai time, Brent crude futures had gained 24 cents, or 0.27%, to $89.10 per barrel, adding to the previous session’s gain of over 4%.

US crude futures rose 6 cents, or 0.07%, to $83.69 per barrel. In the previous session, the benchmark rose by more than 5%, its largest daily gain since May.

Monday saw a rise in oil prices on renewed worries about a shortage in the market. Ahead of their meeting on Wednesday, OPEC and its allies, known as OPEC+, are reportedly considering an output cut of more than 1 million bpd, as reported by Reuters citing OPEC+ sources.

As one OPEC+ source pointed out, that number does not account for additional voluntary cuts made by individual members.