Oil rises ahead of OPEC+ meeting, vaccine hopes

Oil prices gained on Tuesday on hopes that OPEC+ will maintain its output cuts for at least three months, while sentiment was boosted by news of another promising COVID-19 vaccine.

Brent crude futures for January gained 0.4%, or 16 cents, at $43.98 per barrel. U.S. West Texas Intermediate crude for December contract rose 0.3%, or 13 cents, at $41.47 per barrel.

OPEC and its allies including Russia is set to meet Tuesday on an official ministerial committee meeting to assess the need for changes in production quotas.

The organization is leaning towards postponing the planned production increase in January to support oil prices amid the second wave of the coronavirus.

Meanwhile, China’s crude oil throughput in October climbed to its highest level, emphasizing a fast demand recovery in the country.