Investing.com – Oil Tuesday surged 3%, recovering from multi-month lows on renewed hopes for an OPEC output cut.
U.S. crude was up $1.48, or 3.42%, at $44.80 at 06:45 ET, while Brent crude gained 3.38% to $45.93.
Saudi Arabia reportedly has stepped up diplomatic efforts to broker an agreement on a planned cut in output to 32.5-33 million barrels a day.
OPEC is due to hold a formal meeting in Vienna on November 30.
American Petroleum Institute (API) inventory figures are due out later in the session.
These will be followed by official Energy Information Administration (EIA) on Wednesday.
Th dollar index was off 11-month highs. A weaker dollar underpins demand for oil.