05:03 AM EST, 12/03/2024 (MT Newswires) -- Crude oil prices rose early on Tuesday, remaining within a narrow trading range ahead of the Organization of Petroleum Exporting Countries and allied producers' meeting this week during which the group is expected to extend their output cuts instead of boosting production as previously planned.

Brent crude gained 1% to US$72.57 per barrel and West Texas Intermediate crude jumped 1.1% to US$68.83/b at last look. Unnamed OPEC+ sources said the group will extend the output cuts until the end of the first quarter, Reuters said in a Tuesday report.

"Given a rise in compliance with production cuts from Russia, Kazakhstan, and Iraq, the lower Brent price level, and indications in press reports, we assume an extension of OPEC+ production cuts till April," Reuters quoted Goldman Sachs analysts as saying in a note.

This comes after an outlook of looming oversupply has put pressure on prices as OPEC+ looks to unwind production cuts by the first quarter of 2025.

On the demand side, the consumption outlook remains weak as China's crude imports are expected to peak as soon as next year, with transport fuel demand starting to decline, researchers and analysts said, as quoted in the report.