Oil prices fell about 1% amid investor jitters ahead of an OPEC+ meeting to decide whether the producers' group will extend large output cuts to balance global markets
Bloc set to meet virtually to address key concerns on the back of a disastrous yr
OPEC+ was planning to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption
Brent crude futures rose 21 cents, or 0.5%, to $45.17 a barrel, while US West Texas Intermediate crude gained 10 cents
The market was also supported by a smaller-than-expected increase in U.S. crude stockpiles last week.
Brent was down 29 cents, or 0.6%, at $43.53 a barrel by 1444 GMT while US crude was down 27 cents, or 0.6%, at $41.07. Both had been up 40 cents earlier in the session.
The JMMC, which can recommend policy to the broader group, made no formal recommendations on Tuesday, three OPEC+ sources said
The OPEC+ group of producers was due to raise output by 2 million bpd in January
OPEC+ is due to meet next on Nov. 30 and Dec. 1, following a high-level ministerial meeting on Tuesday
The weakening outlook has piled pressure on OPEC+ to delay a supply increase of 2 million bpd scheduled for January, which the market is now pricing in
The weakening demand recovery could support the case for OPEC and its allies, a group known as OPEC+, to delay a scheduled oil-output boost next year
S&P Global Platts Analytics slashed its 2021 oil consumption outlook by 700,000 barrels per day (b/d) recently and now predicts oil demand growth of 5.8 million b/d in 2021
Brent crude rose $3.41, or 8.6%, to $42.86 a barrel by 1302 GMT while U.S. West Texas Intermediate crude was up $3.57, or 9.6%, at $40.71.
Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Biden as US President, close sources said and would miss Trump who helped bring about a record oil output cut
Biden has said he would prefer multilateral diplomacy to the unilateral sanctions Trump has imposed
India said oil-cartel OPEC needs to address anomalies in the crude price differential for different regions.
With U.S. Covid-19 cases hitting a record this week and new lockdowns looming across Europe, the virus and its impact on petroleum demand show no sign of abating
Futures have tumbled 9.8% this month in New York and they're near the lowest since late May in London
US crude settled at $39.85 a barrel, falling 79 cents, or 1.9 per cent
Putin said on Thursday he had been in contact with Saudi Arabia, OPEC's top producer, as well as the United States