Brent crude futures rose 65 cents or 0.8% to $83.68 a barrel at 0132 GMT, while US West Texas Intermediate (WTI) crude futures rose 68 cents or 0.9% to $78.88 a barrel.
Helping to boost prices, U.S. crude oil inventories are expected to have fallen by about 7.9 million barrels in the week ended Nov. 25, market sources said, citing figures from the American Petroleum Institute on Tuesday. . [API/S] Gasoline inventories rose about 2.9 million barrels, while distillate inventories rose about 4.0 million barrels, according to the sources, who spoke on condition of anonymity.
Official figures are to be released on Wednesday by the US Energy Information Administration. [EIA/S]
The market was also watching the upcoming meeting of the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+.
OPEC+ is expected to keep oil production policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said a further cut in production would also be likely. envisaged, to support prices.
The group is meeting as economies slow and Chinese COVD-19 lockdowns hit oil demand, while an impending European Union ban on Russian crude imports and a G7 price cap on the Russian crude raise questions about supply.
Meanwhile, the International Energy Agency expects Russian crude production to be cut by some 2 million barrels of oil per day by the end of the first quarter of next year, it said. its leader, Fatih Birol, told Reuters.