By 1418 GMT, Brent crude futures rose $1.10, or 1.6 percent, to $72.22 per barrel. US West Texas Intermediate crude futures increased $1.07, or 1.6 percent, to $68.28 per barrel. Both contracts increased by more than two percent earlier in the session.
It is scheduled to raise a group OPEC+which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, increased production by 180,000 barrels per day in December. The group reduced production by a total of 5.86 million barrels per day, equivalent to about 5.7 percent of global oil demand.
Two OPEC+ sources told Reuters that a decision to postpone the increase could be issued early next week.
OPEC+ is scheduled to meet on December 1 to decide its next policy steps.
An expected decline in US inventories also supported oil prices.
