WASHINGTON (dpa-AFX) - Oil prices rose over 1 percent on Tuesday ahead of an OPEC+ meeting due on Thursday. Benchmark Brent crude futures were up 1.1 percent at $72.60 in European trade while WTI crude futures jumped 1.2 percent to $68.88.
If media reports are to be believed, the oil cartel, which accounts for about half of the world's oil production, is likely to extend its latest round of output cuts until the end of the first quarter at its Dec. 5 meeting.
Oil prices were also supported by geopolitical tensions in the Middle East after reports indicated claims of Israeli airstrikes targeting southern Lebanon.
The situation on the Israel-Lebanon border is heating up as renewed tensions escalate between the Israel Defense Forces (IDF) and the Iranian-backed militant group Hezbollah.
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