Crude oil prices were up on Tuesday as investors hope that OPEC and its allies will make deeper cuts in their production levels on Thursday to trim some of the oil market supply glut.
International benchmark Brent crude was trading at $30.40 per barrel at 0540 GMT for a 2.5% increase after closing Monday at $29.66 a barrel.
American benchmark West Texas Intermediate (WTI) was at $26.81 a barrel at the same time for a 0.2% gain after ending the previous session at $26.75 per barrel.
OPEC, led by Saudi Arabia, and non-OPEC countries, led by Russia, are scheduled to hold a teleconference on Thursday to discuss coronavirus-related weak global oil demand amid the low oil price environment.
The group dubbed as OPEC+ failed on March 6 to make deeper and longer cuts in their output levels, which caused a price plummet that saw prices fall on March 30 to the lowest levels since 2002.
The group is now expected to make the necessary production curb with the hope of removing some of the oversupply in the oil market, and could also see support from the U.S., the world's largest crude producer.
Failure to reach a deal would increase the global supply glut, which in turn could easily push the price of Brent crude below $20 per barrel mark.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr