Brent crude increased to $80 a barrel today as struggling oil prices try to cope with ample supply concerns ahead of the Organization of the Petroleum Exporting Countries’ (OPEC) meeting.
Reuters reported that Brent increased 31 cents to $79.62 a barrel, while US crude rose 60 cents to settle at $76.24 a barrel.
OPEC is due to meet in Vienna, Austria, on 27 November to discuss its oil production policy.
There has been widespread speculation that following a steady decline in worldwide oil prices since June this year, OPEC may be forced to cut oil production.
Venezuela has already called for increased cooperation within the organisation and non-members, including Russia.
Venezuelan President Nicolas Maduro said a special global meeting will be planned very soon to discuss current oil price and production concerns.
The news agency reported that Russian Energy Minister Alexander Novak met with Venezuela’s Foreign Minister Rafael Ramirez to discuss the need to coordinate actions to support oil prices.
A preliminary survey by Reuters has found that US commercial crude oil stockpiles are expected to have declined by 1.2 million barrels in the week ended 14 November.
The American Petroleum Institute is due to unveil its data later today, while the US Energy Information Administration will publish its report on Wednesday.