Oil prices have been under pressure from high interest rates, a strong dollar, and high U.S. oil production. OPEC could extend oil production cuts to support prices.

Opec+ is likely to extend its latest round of output cuts until the end of the first quarter at its Dec 5 meeting

The OPEC+ alliance of major oil-producing nations has postponed a weekend meeting to December 5 in what analysts said were signs of disagreement among the group over plans to increase output.

Oil prices climbed nearly 1% on Tuesday, as traders awaited the outcome of an OPEC+ meeting later this week. Brent crude futures rose 66 cents, or 0.92%, to $72.49 a barrel by 0909 GMT, while U.S. West Texas Intermediate crude climbed 63 cents,