Oil prices were higher today settling higher on the possibility that OPEC+ will extend or deepen supply cuts. The group will meet on Thursday to discuss 2024 after initially pushing back the meeting last week. “We believe the market’s primary focus surrounds the continuation of Saudi Arabia’s additional voluntary cuts of 1 million barrels per day,” Walt Chancellor, an energy strategist at Macquarie, said in a note. “We believe an extension of these cuts into Q2/Q3 2024 may represent the threshold for this meeting being viewed bullishly.” Crude was also buoyed by a lower dollar. The U.S. dollar sank to a three-month low on Tuesday after U.S. Federal Reserve Governor Christopher Waller flagged the possibility of lowering the Fed policy rate in the months ahead if inflation declines further. WTI traded $1.55 up 2.1% to close at $76.41. Brent traded up $1.70 or 2.1% to close at $81.68.