Oil rebounds as market weights OPEC+ supply rebalance

Oil rebounded on Tuesday after falling to more than 11-month lows in the previous session, as investors weighed a potential output adjustment from the major oil producers, who are set to have a key meeting this week.

Brent crude futures advanced $1.81, or 2.2 per cent, and traded at $85.00 a barrel at 0446 GMT. US West Texas Intermediate (WTI) crude futures rose $1.37, or 1.8 per cent, to $78.61 a barrel.

Brent settled down 0.5 per cent the previous day, having slumped more than 3 per cent to $80.61 earlier in the session to its lowest since Jan. 4. WTI settled up 1.3 per cent on Monday after touching its lowest since December 2021.