2021.11.0110:30:00UTC+00Oil Prices Rise In Choppy Trade

Oil prices rose in choppy trade on Monday as investors braced for an upcoming OPEC+ meeting expected to discuss the course of action for December.

Benchmark Brent crude futures climbed 0.8 percent to $84.39 a barrel.

West Texas International Crude oil futures were up half a percent $83.95 a barrel, after having gained more than 11 percent in October on expectations that tight supplies and higher gas bills will encourage a switch to crude for use as a power generation fuel.

Helping to keep a lid on prices were reports over China's release of gasoline and diesel reserves and the possibility of fresh supply from Iran in the future.

China said in a rare official statement that it will release reserves of diesel and gasoline to increase market supply and support price stability in some regions.

All eyes are on the Nov. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together called OPEC+, with analysts expecting them to stick to a planned output increase of 400,000 barrels per day in the month.

The plan ensures adequate crude supply to balance the global market, state news agency KUNA quoted Kuwaiti oil minister Mohammad Abdulatif al-Fares as saying.

Angola and Iraq have also endorsed the group's plans for a 400,000 b/d crude production hike in December.