Oil closes higher ahead of OPEC+ meeting

Oil drilling rigs

Oil closed higher today, Oct. 3, as investors look forward to updates on supply from the OPEC+ meeting. Prices had plunged to their lowest levels in three weeks in the previous session amid profitbooking as dollar grew stronger.

Brent crude futures for December delivery rose 0.25%, or 21 cents, to $90.92 per barrel, after falling during trading to $89.50.

WTI crude for November delivery gained 0.45%, or 41 cents, to $89.23 per barrel, after slipping to $87.76 during the session.

India's imports of Russian oil rose by 15% in September to 1.78 million barrels per day, after hitting a seven-month low in August, supported by abundant supply and price cuts, according to a report from Kpler.

Meanwhile, OPEC+ is expected to keep its production unchanged when it meets on Oct. 4, keeping crude supplies limited in the markets, Reuters reported.

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to issue official data on inventories on Oct. 4, amid expectations of a slight decrease of 92,000 barrels.