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Oil rises on weak dollar, OPEC+ output cut expectations

Oil prices rose on Tuesday, supported by a weak dollar and expectations that the OPEC+ producer group would deepen and extend output cuts due to concerns over subdued demand.

Brent crude futures were up 57 cents, or 0.7%, to 80.55 a barrel at 0845 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate (WTI) crude futures were 54 cents higher, also up 0.7%, at $75.40 a barrel, after falling for three straight sessions.

OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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