Oil price firms before OPEC+ policy meeting | Reuters

Oil price firms before OPEC+ policy meeting | Reuters

Oil prices rose on Wednesday before an OPEC+ meeting at which the producer club is expected to stick to a plan to add 400,000 barrels per day (bpd) each month to the end of December.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, are set to meet at 1500 GMT. OPEC+ has raised its forecast for oil demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output. read more

Brent crude for November delivery gained 18 cents, or 0.3%, to touch $71.81 a barrel by 1100 GMT. U.S. West Texas Intermediate (WTI) crude for October was up 17 cents, or 0.3%, at $68.67.

U.S. President Joe Biden's administration has urged OPEC+ to boost output to tackle rising gasoline prices that it views as a threat to the global economic recovery.