Oil prices edged lower on Thursday ahead of a key OPEC meeting where members are expected to weigh deeper output cuts in an effort to prop up prices and prevent a glut next year.

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Prompt British wholesale gas prices fell sharply on Wednesday morning, with the UK gas system oversupplied and rising temperatures expected to reduce demand.

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European wholesale power contracts for the day-ahead took different directions on Wednesday, while German annual baseload delivery next year dropped to its lowest level since Sept. 2018 as weaker carbon prices led the way.

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Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than expected helped to lift prices.

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Prompt British wholesale gas prices fell on Monday, with rising temperatures lowering demand and supply expected to remain high.

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Oil prices gained on Tuesday, as hopes rose for OPEC and its allies to agree deeper output cuts when they meet this week, although gains were limited, amid some analysts’ scepticism over the achievement of further reductions.

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Prompt British wholesale gas prices fell on Monday morning as rising demand was offset by stronger supplies from liquefied natural gas (LNG) terminals and Norway.

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European wholesale power contracts for the day-ahead rose on Monday to reflect rising demand while those for next week dropped on milder weather and the forward market’s German benchmark followed weaker carbon and coal prices.

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Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year.

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