Oil rose on Wednesday as investors became cautious ahead of a crucial OPEC+ meeting to set output policy in the coming months, while supply disruptions caused by a storm in the Black Sea contributed to supply concerns.

Brent futures from the North Sea, which is a reference for Europe, rose 3 cents to $81.71 a barrel in Asian trade.

U.S. crude prices rose 17 cents, or 0.2 percent, to $76.58 a barrel.

Both indicators rose by about 2 on Tuesday on the possibility that the Organization of the Petroleum Exporting Countries and its allies, including Russia, could extend or deepen supply cuts, as well as concerns about Kazakhstan's oil production and a weaker U.S. dollar.

OPEC+ is expected to hold an online ministerial meeting tomorrow to discuss production targets for 2024 after the organization postponed the planned Nov. 26 meeting.

Negotiations will be difficult and a renewal of the previous agreement is possible instead of deeper production cuts, four OPEC+ sources said.

"If OPEC+ fails to reach a preliminary deal, we cannot rule out the risk of the meeting being further postponed, which is likely to put some pressure on oil prices," Warren Patterson and Eva Manti, analysts at ING Bank, said in a note to customers.

A severe storm in the Black Sea region cut off supplies of up to 2 million barrels per day (bpd) from Kazakhstan and Russia, fueling concerns about short-term supply constraints. As a result, operators of Kazakhstan's largest oil fields have announced a 56 percent reduction in combined daily oil production from November 27, the Kazakh Energy Ministry said. The oil terminal in the Black Sea port of Novorossiysk in Russia is also closed for refueling tankers.

Meanwhile, U.S. crude inventories fell by 817,000 barrels last week, according to market sources citing data from the American Petroleum Institute. The U.S. government's weekly stock data is due to be released later today.

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