Crude prices traded higher on Tuesday, extending gains from the previous session as investors continued to anticipate the upcoming Organization of the Petroleum Exporting Countries (OPEC) summit set in Vienna on December 6. The biggest crude exporters are expected to discuss the new output cut deal and agree up to production caps of up to 1.4 million barrels per day. Market watchers also digested the announcement that Qatar is leaving OPEC by the end of this year in order to focus more on gas production.
Meanwhile, investment incentives were also heightened by the news that the United States and China agreed to pause their trade war for 90 days. Following the announcement, oil prices jumped around 5% during the Monday session.
West Texas Intermediate for January delivery gained 0.72%, changing hands for $53.33 per barrel at 5:26 am GMT while the international benchmark Brent for settlements in the same month increased 0.81% to sell for $62.19 per barrel at 5:59 am GMT.