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Brent crude futures climbed 86 cents, or 1.1%, to $82.54 a
barrel at 1031 GMT. U.S. West Texas Intermediate (WTI) crude
futures gained 93 cents, or 1.2%, at $77.34 a barrel.
Both benchmarks gained about 2% on Tuesday as the market
anticipated the Organization of the Petroleum Exporting
Countries and allies such as Russia (OPEC+), will extend or
deepen supply cuts.
OPEC+ on Wednesday continued talks, which sources had described
as difficult. A meeting to decide on next year's output policy
on Thursday was, however, expected to go ahead on schedule,
sources said on Wednesday.
"If they (OPEC+) fail to come to a preliminary deal, we cannot
rule out the risk that the meeting is further delayed, which
would likely put some downward pressure on oil prices," Warren
Patterson and Ewa Manthey, analysts from ING bank, said in a
note to clients.
A severe storm in the Black Sea region has disrupted up to 2
million barrels per day (bpd) of oil exports from Kazakhstan and
Russia, according to state officials and port agent data,
raising the prospect of short-term supply tightness.
Kazakhstan's largest oilfields are cutting combined daily oil
output by 56% from Nov. 27, the Kazakh energy ministry said.
The oil market also found support from a drop in U.S. crude
inventories.
U.S. crude oil inventories fell by 817,000 barrels last week,
according to market sources citing American Petroleum Institute
figures.
Eight analysts polled by Reuters estimated on average that crude
inventories fell by about 900,000 barrels in the week to Nov.
24. Weekly U.S. government data on stockpiles is due on
Wednesday.
(Additional reporting by Yuka Obayashi in Tokyo and Muyu Xu in
Singapore; Editing by Barbara Lewis)
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