West Texas Intermediate futures for January delivery climbed to $41.28 (+0.49%), while Brent crude is currently at $43.97 (+0.30%) before OPEC members hold a meeting in Vienna later today.

Most analysts don't expect any positive changes from the meeting. Saudi Arabia is likely to hold on to its strategy and maintain output ignoring non-Gulf OPEC members' calls to reduce production in order to support prices.

A survey by Bloomberg showed that the cartel exceeded its 30 barrels per day production target by 2.1 million bpd in November. Meanwhile the Wall Street Journal said that according to an internal OPEC document, a return to the 30 million barrels per day output "would not be sufficient to completely clear the current supply overhang" because of large inventories.