Oil prices rose on Thursday as investors awaited the outcome of an OPEC+ meeting with potential further supply cuts on the agenda.
Oil prices rose as investors awaited the outcome of an OPEC+ meeting where potential further supply cuts were discussed.
Brent crude futures for January gained 65 cents to $83.75 a barrel, and the more liquid February contract was up 57 cents at $83.45.
U.S. West Texas Intermediate crude futures rose by 55 cents to $78.41.
The OPEC+ group, which includes OPEC and allies like Russia, is likely to agree to additional output cuts of more than 1 million barrels per day (bpd).
Saudi Arabia's pledge to extend its voluntary cut of 1 million bpd is seen as crucial, and smaller cuts from other members are expected.
Investors are waiting for a formal announcement and details of the additional cuts, including which countries will make them and the duration.
The OPEC+ meeting is scheduled to begin at 1400 GMT, following an OPEC-only ministers meeting at 1100 GMT.
The meeting was initially scheduled for last week but was deferred due to disagreements over output quotas for African producers.
While implementing additional cuts is expected to raise prices in the short term, the long-term impact is uncertain.
1. The meeting coincides with the U.N. climate conference in Dubai, and there's a reference to the impact of stubbornly high interest rates on oil demand in major economies.