The assumption that the OPEC+ group may agree to a large reduction in crude production when it meets this week drove up oil prices on Tuesday.
After rising by more than 4% in the previous session, Brent crude futures increased by 79 cents, or 0.9%, to $89. 65 per barrel by Las, and US crude futures also increased by 60 cents, or 0.7%, to $84. 23 per barrel.
On Monday, oil prices increased as supply shortage concerns resurfaced.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, sometimes known as OPEC+, are expected to reduce output by more than 1 million barrels per day on Wednesday during their first in-person meeting since 2020.
Oil prices increased once more, reaching $89 per barrel.
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