Oil prices rose on Tuesday with the Brent benchmark rising above $80 a barrel, supported by expectations that the OPEC+ producer group may deepen and extend output cuts due to concern over softer global demand.
OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Thursday to discuss production targets for 2024.
Brent crude futures were up 72 cents, or 0.9%, at $80.70 a barrel at 0921 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 69 cents, or 0.9%, at $75.55.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.