On November 20, oil futures edged higher, extending gains on prospects of OPEC+ tightening supply cutbacks to prop up prices, which had fallen for four weeks due to fading concerns over Mideast supply interruption caused by the Israel-Hamas war.

Brent crude futures were up 11 cents, or 0.1 percent, to $80.72 per barrel by 0012 GMT, while US West Texas Intermediate crude was up 8 cents to $75.97 per barrel. The front-month December contract expires later that day, on November 20, while the more active January futures rose 13 cents, or 0.2 percent, to $76.17 per barrel.

Both contracts settled 4% higher on November 17 after three OPEC+ sources told Reuters that the producer group, comprised of the Organisation of the Petroleum Exporting Countries and their allies, including Russia, is planning to consider additional oil supply cuts when it meets on November 26.

Oil prices have fallen about 20% since late September, with Brent and WTI prompt inter-month spreads slipping into contango last week. In a contango market, prompt prices are lower than future months' prices, indicating enough supply.

"Our statistical model of OPEC decisions suggests that deeper cuts should not be ruled out given the fall in speculative positioning and in timespreads, and higher-than-expected inventories," analysts at Goldman Sachs wrote in a research note.