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OPEC+, comprising the Organization of the Petroleum Exporting
Countries (OPEC) and allies including Russia, is due to hold an
online ministerial meeting on Thursday to discuss production
targets for 2024.
Brent crude futures were up 79 cents, or 1%, at $80.77 a barrel
by 1131 GMT. U.S. West Texas Intermediate (WTI) crude gained 76
cents, or 1%, to $75.62.
"Barring any negative surprise, the recent drop in prices will
probably be viewed as a buying opportunity, especially if
further cuts are agreed," said Tamas Varga of oil broker PVM,
referring to the OPEC+ meeting.
The market tumbled last week when OPEC+ pushed back the original
date for its meeting to iron out differences on production
targets for African producers.
The group has since moved towards a compromise, four OPEC+
sources told Reuters on Friday, potentially helping the group's
de facto leader Saudi Arabia find consensus on the need to
deepen production cuts.
Oil also found support from a weak dollar, an expected decline
in U.S. crude inventories and the drop in Kazakh output.
Kazakhstan's largest oilfields have cut their combined daily oil
output by 56%.
Four analysts polled by Reuters estimated that the latest round
of weekly U.S. supply reports will show crude inventories fell
by about 2 million barrels.
The first of this week's two reports is due at 2130 GMT from the
American Petroleum Institute.
(Reporting by Alex LawlerAdditional reporting by Sudarshan
VaradhanEditing by Kim Coghill and David Goodman)
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