Oil rises with the weakness of the dollar and hopes that OPEC+ will continue to reduce production

Price action

By 0845 GMT, Brent crude futures rose 57 cents, or 0.7 percent, to $80.55 per barrel, on its way to ending a four-day losing streak. As for US West Texas Intermediate crude futures, they rose 54 cents, or 0.7 percent, to $75.40 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.

The meeting comes amid a sharp decline in oil prices due to fears of oversupply in the market despite OPEC+ production cuts.

Brent crude fell by more than 18 percent and US crude fell by more than 21 percent from their high levels at the end of September. Strong production from non-OPEC countries such as the United States added pressure on prices.

OPEC+ caused a decline in oil prices last week by postponing its meeting in order to resolve differences over production targets for African producers.

But four OPEC+ sources told Reuters on Friday that the group was close to reaching a compromise on production quotas, which could help reach consensus.

Analysts say lower prices may spare Riyadh any pressure to limit production cuts.

ANZ Research said in a note to clients on Tuesday, “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 reduce supply in oil markets and support prices.”