West Texas Intermediate futures for January delivery advanced to $41.99 (+0.82%), while Brent crude is currently at $44.85 (+0.54%). Market participants are waiting for OPEC meeting scheduled for December 4. There is speculation that the group, led by Saudi Arabia, will amend its policy and decrease production in order to support prices. However many analysts still doubt that OPEC will take this step. The cartel is likely to defend its market share against competitors.

Traders are also waiting for the key U.S. employment report, which also expected to be released on Friday. These data would increase volatility of the dollar and affect the dollar-denominated crude.

Meanwhile demand in world's second-biggest consumer of oil China is unlikely to rise significantly as activity in the country's manufacturing sector remains sluggish. According to China Federation of Logistics and Purchasing the Manufacturing PMI fell to 49.6 in November from 49.8 reported previously. The latest reading is the lowest since August 2012.