Oil prices rose Today on expectations the world’s leading crude producers will overcome obstacles at a meeting later in the day that have so far prevented a deal to cut output in response to a collapse in global demand.

Brent crude LCOc1 futures were up 1.9%, or 62 cents, at $33.46 a barrel by 11:40 GMT after hitting a high of $34.83 early in the session.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 3.2%, or 80 cents, at $25.89 a barrel, after earlier hitting a session high of $27.46 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia – a group known as OPEC+ – are set to hold a video conference Today at about 1400 GMT.