The cut would be the biggest since the pandemic, although OPEC+ delegates said a final decision on the size of the cuts would not be taken until ministers meet in Vienna on Wednesday. West Texas Intermediate crude rose more than 2 per cent, pushing prices higher for the first time in three sessions.

“The fall in oil prices is probably over,” said Ed Moya, senior market analyst at Oanda Group. “Energy traders became pessimistic over the summer given fears of a slowdown in global growth, but now the risks to oil seem to have increased.”

Oil fell in price by a quarter in the three months to September as the global economic slowdown led to lower demand. Banks including UBS Group AG and JPMorgan Chase & Co. said the Organisation of Petroleum Exporting Countries and its allies may have to cut production by at least 500,000 barrels a day to stabilise prices.

A cut of more than 1 million barrels a day “would be enough to establish a ‘bottom’ under prices,” said Phil Flynn, senior market analyst at Price Futures Group.

A major production cut could draw criticism from the US and other major consuming countries, where energy-induced inflation is forcing central banks to aggressively raise interest rates. This week’s OPEC+ meeting will be the first face-to-face meeting since March 2020. The group will decide on supply for November.

In Asia, China last week imposed new quotas on fuel exports and crude imports in a bid to revive its economy, reinforcing the bullish outlook for oil. The world’s biggest crude importer has seen energy demand fall this year due to viral disruptions and a slump in property prices.

“It’s only a matter of time before oil returns to the $100 a barrel mark, especially as supplies are cut by the end of the year,” said Suvro Sarkar, an energy analyst at DBS Bank Ltd. in Singapore.