Brent crude futures were 45 cents higher, or 0.6 per cent, at $80.43 a barrel and U.S. WTI crude futures were trading 43 cents higher, also 0.6 per cent, at $75.28 a barrel, after dropping for three sessions in a row

Oil prices increased on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is broadly expected to deepen and extend cuts to oil production amid concerns of supply being consistently higher than demand.

Brent crude futures were 45 cents higher, or 0.6 per cent, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate (WTI) crude futures were trading 43 cents higher, also 0.6 per cent, at $75.28 a barrel, after dropping for three sessions in a row.

OPEC+, which combines the Organization of the Petroleum Exporting Countries, or OPEC, and allies including Russia, will hold an online ministerial meeting on November 30 to discuss production targets for 2024.

Crude oil was sharply higher in early trade amid reports that OPEC would reduce its output quotas, ANZ Research said in a client note on Tuesday.

The group, whose move last week to delay the meeting to iron out disagreements over production targets for African producers sent oil prices lower, has since moved closer to a compromise, four OPEC+ sources told Reuters on Friday, potentially helping de facto leader Saudi Arabia edge closer to consensus on deepening oil production cuts.

Strong production by non-OPEC countries like the US has also added to pressure on prices, according to analysts.

Saudi Arabia may be comforted that U.S. gasoline prices have dropped for 60 days in a row. This may soften the US opposition to any move to tighten oil markets and support prices, ANZ added.