Investing.com – Oil Tuesday recovered from earlier weakness as investors weighed the chances of an OPEC output cut.
U.S. crude was up 35 cents, or 0.69%, at $50.87 at 06:45 ET, while Brent crude gained 0.47% to $51.70.
Iraq said over the weekend that it wished to be exempt from any accord to curb OPEC’s production.
OPEC is due to hold a formal meeting on November 30 in Vienna to thrash out the terms of the planned cuts.
American Petroleum Institute (API) U.S. crude inventory figures are due to be released later in the session.
The API figures will be followed Wednesday by official Energy Information Administration (EIA) data.
The dollar was near nine-month highs. A stronger dollar depresses demand for oil.