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Crude oil prices gained on Tuesday ahead of a meeting of OPEC+ countries on Thursday as concerns about further supply cuts by major producers weighed on sentiment. The Dollar's weakness also supported sentiment. The expected decline in U.S inventories also boosted prices.
Data to be released by The American Petroleum Institute later in the day is expected to show a decline of 2 million barrels in crude oil inventories during the week ended November 24. Inventories had surged by more than 9 million barrels in the previous week.
Official data for the same period by the U.S. Energy Information Administration due on Wednesday is also expected to show a reduction of 2 million barrels, as compared with the addition of 8.7 million barrels in the previous week.
Brent Oil Futures for February settlement is currently trading at $80.10, having gained 0.29 percent from the previous close of $79.87. The day's trading ranged between $80.90 and $79.72, versus the 52-week trading that ranged between $70.06 and $97.69.
West Texas Intermediate Crude Oil Futures for January settlement also added 0.27 percent from the previous close of $74.86 to trade at $75.06. Prices ranged between a high of $75.91 and a low of $74.66. The 52-week trading range was between $63.64 and $95.03.
