Crude-oil futures were up by about $2 on a weaker dollar and expectations OPEC members and allied producers will again extend production cuts to support prices when they meet on Thursday. The Nymex January West Texas Intermediate contract was up by $2.05 to $70.15/bbl on Tuesday and the February WTI contract was $1.90 higher at $69.75/bbl.

OPEC+ appears to have successfully supported oil prices by suggesting it would extend its production cuts into the first quarter of 2025.

OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the end of the first quarter, four OPEC+ sources told Reuters, to provide additional support for the oil market.

Oil futures settled higher Tuesday, scoring their largest one-day gains in about two weeks as some traders expect the Organization of the Petroleum Exporting Countries and its allies to further delay a partial unwinding of production cuts when they meet Thursday.

Oil rose in early Asian trade. Markets were in a “wait-and-watch mode” ahead of the OPEC+ meeting this week, ANZ Research said.

Global oil prices ended little changed Monday, while U.S. prices posted a modest gain as upbeat manufacturing data from China lifted prospects for energy demand

Oil prices rose in early European trade, supported by Chinese factory activity growth and expectations that OPEC+ will further delay its planned output hike at a meeting this week.