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Oil prices were mixed at Tuesday’s settlement, with Brent crude up 13 cents to $82.45 a barrel, while U.S. West Texas Intermediate crude futures fell 6 cents to $77.77 a barrel.

The market is cautious ahead of next Sunday’s OPEC+ meeting, which could consider further supply cuts as global economic growth slows.

Prices of the two benchmarks rose about 2 percent on Monday after three sources in the OPEC+ alliance told Reuters that the group of oil-producing countries would consider options for further cuts in oil supplies at its Nov. 26 meeting.

The OPEC+ alliance consists of OPEC and its allies, and eight analysts expect the organization to extend or increase oil supply cuts into next year.

Oil prices mixed ahead of Pec+ meeting

Helima Croft, an analyst at RBC Capital, said, “We see some opportunities for the organization to make some significant production cuts, but we expect the other member countries to increase production to share the burden of adjustment.”

However, the head of the International Energy Agency’s oil markets and sector told Reuters on Tuesday that even if OPEC+ countries extend their production cuts into next year, there will still be a small oversupply in the global oil market in 2024.

Speaking on the sidelines of a conference in Oslo, Toril Busoni said the oil market was currently suffering from shortages and inventories were falling “rapidly”.

A preliminary survey by Reuters on Monday showed U.S. crude oil and gasoline inventories may have risen last week, while distillate stocks fell. The American Petroleum Institute is scheduled to release its weekly report on Tuesday night and the Energy Information Administration is scheduled to release its weekly report on Wednesday.

The oil market has fallen about 16 percent since the end of September as production in the U.S., the world’s biggest producer, hit record highs while the market worries about growing demand, especially from China, its biggest importer.

Traders are also watching for signs of slowing demand, as the U.S. is likely to fall into recession by 2024.

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