Oil prices rose by more than $2 on Wednesday on signs of tighter supply, a weaker American dollar and optimism over a Chinese demand recovery.
But the likelihood that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will leave output unchanged at its upcoming meeting limited the gains.
Brent crude futures rose $2.34 , or 2.8%, by noon hour EST to $85.37 U.S. per barrel. The more active February Brent crude contract rose by 3.04% to $86.81.
U.S. West Texas Intermediate (WTI) crude futures climbed $2.43, or 3.11%, to $80.63.
Support followed expectations of tighter crude supply.
Figures released Tuesday by the American Petroleum Institute showed U.S. crude oil stocks dropped by 7.9 million barrels in the week ended Nov. 25.
Official figures are due from the U.S Energy Information Administration later on Wednesday.
And the International Energy Agency expects Russian crude production to be curtailed by some two million barrels of oil per day by the end of the first quarter next year.
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