Oil prices was buoyed on Wednesday, ticking up prior to an important OPEC+ meeting on output strategy in the upcoming months, investors became more cautious. A storm in the Black Sea also disrupted supplies, which helped drive up prices.

Brent crude edged up 3 cents to $81.71 per barrel meanwhile WTI advanced by 17 cents at $76.58 pr barrel.

The probability that OPEC and its allies, including Russia, could prolong or intensify supply curbs, along with worries about Kazakh oil output and a declining US currency, caused both benchmarks to rise by almost 2% on Tuesday.

The 2024 production objectives will be discussed at an online ministerial conference of OPEC+ on Thursday, following a postponement of the meeting from November 26.

According to four OPEC+ sources, the negotiations will be challenging and a continuation of the current accord rather than further reductions in output is a possibility.

A two-week high was reached for the premium on front-month loading Brent contracts compared to those loading in six months, indicating a growing concern over long-term supply shortages.

On Wednesday, the dollar remained close to a three-month low compared to its main competitors as speculation that the Federal Reserve may start cutting rates early in 2019 grows.