Crude oil prices opened higher Tuesday to recover from previous session's losses as Saudi Arabia is expected to support deeper OPEC production cuts next month to support Aramco's initial public offering (IPO).
International benchmark Brent crude fell 0.4% on Monday to close at $62.26 per barrel, but it was trading at $62.48 a barrel at 0655 GMT for a 0.35% gain.
West Texas Intermediate lost 0.84% to close the previous session at $56.64 a barrel. The American benchmark was at $57.09 per barrel at the same time for a 0.79% increase.
Oil prices fell Monday with Sino-American trade jitters after U.S. President Donald Trump debunked reports that the two countries would gradually remove tariffs on one another for a phase one trade deal.
After investors' worries resurfaced that a phase one agreement is not on sight, prices gained Tuesday as Saudi Arabia is expected to support the decision to make deeper production cuts within OPEC at its semi-annual meeting in Vienna on Dec. 5 to boost prices.
Higher prices would benefit Saudi Aramco's IPO scheduled to take place on Dec. 11 in Saudi stock exchange Tadawul, by rising investors' demand for the company's shares.
By Ovunc Kutlu