WTI crude futures rose more than 2.5% to over $76.5 per barrel on Tuesday, rebounding from four consecutive sessions of losses, as OPEC+ members continued negotiations over output levels. Saudi Arabia has been urging other members to reduce production quotas to stabilize markets, but no resolution or deal has been reached yet. Originally set for November 26, the meeting was postponed to November 30 due to a disagreement over output quotas involving African producers Nigeria and Angola. Meanwhile, the API report is expected to show a drop of about 2 million barrels in US crude inventories last week. Elsewhere, Kazakhstan’s largest oilfields have cut their combined daily oil output by 56%.
