Oil prices were around 1% higher ahead of OPEC+’s ministerial meeting, with a rollover of existing curbs still seen as the most likely scenario, but expectations of deeper cuts in an effort to shore up prices are growing among traders.

“Clearly, this growing expectation leaves downside risk for the market if OPEC+ disappoint later today,” ING said.

Meanwhile, Chinese PMI figures indicate manufacturing activity contracted further in November, a worrying sign that stimulus efforts are falling short, renewing concerns about oil demand.