Early on Wednesday, WTI crude oil prices are climbing higher as the date for the OPEC meeting approaches, over rising hopes for additional supply cuts being announced. At the time of writing, WTI crude oil is trading at around $47.92 per barrel.

WTI crude oil had gained over 1% so far today as markets expect leading oil producers and their allies to compensate for the glut in markets by curbing crude production amid slowing demand due to the coronavirus outbreak. OPEC+ has recommended a supply cut of around 1 million bpd, but Russia remained hesitant to commit to such deep cuts so far.

Crude oil prices have also received additional support after the Fed surprised markets with a 0.50% rate cut in the previous session. There is also uncertainty about possible disruptions in oil supply from Libya that are helping offer some upside pressure on oil prices over concerns of tightening supply.