Oil futures soared on Tuesday (3), based on the recovery from the previous session, with signs that OPEC + will hold back production restrictions and financial markets maintain an upbeat mood on US election day .

"Oil futures are sure to pay close attention to the results of the ongoing US elections," said Robbie Fraser, senior commodities analyst at Schneider Electric. "Both candidates offer opposite views on the main energy policy initiatives, but it is not always clear where the net impact on price will fall."

"In addition to the election, the market will want to see continued indications that OPEC + will delay plans for members to cut some of their commitments in January," he said in a market note on Tuesday. "This change seems likely, as the US and Europe continue to see record numbers of new COVID-19 cases, diminishing prospects for transport fuel demand."

West Texas Intermediate (WTI) crude, the US benchmark, for December delivery rose 65 cents, or 1.8%, to $ 37.46 a barrel on the New York Mercantile Exchange (Nymex). Brent crude, the global benchmark for January, rose 51 cents, or 1.3%, to $ 39.48 a barrel on ICE Futures Europe, after trading up $ 40.45.

The oil spike comes at a time when the US benchmark stock indexes win, with the remaining voters going to the polls on election day. Democratic challenger Joe Biden maintained a solid advantage over President Donald Trump in opinion polls, but his advantage in battlefield states that could determine the outcome at the polling place has diminished.

"Prices are likely to have been supported not only by the general increase in risk appetite, but also by reports from OPEC and its allies (OPEC +) that production cuts will be maintained at their current level after the end of the year, "Eugen Weinberg, a commodities analyst at Commerzbank, said in a note.

Crude oil prices reversed Monday's heavy losses, following news that Russia was pushing for a postponement of easing production restrictions, scheduled for January. "If Russia and Saudi Arabia agree to this, the other members of the alliance will probably agree with the decision. After all, they will not have forgotten the April / May price war started by Saudi Arabia and will not want to risk irritating Saudi Arabia" , Weinberg said.

Oil fell sharply in October, with an increase in Covid-19 cases in Europe and the US, underscoring concerns about oil demand. Several European countries have increased restrictions on business activity, while the increase in cases in the USA has raised doubts about the economy's ability to continue its recovery.

Traders are also looking forward to weekly data on US oil supplies from the American Petroleum Institute (API) on Tuesday (11/3) and from the Energy Information Administration (IEA) today (11/4).

On average, analysts expect the IEA to report a decline of 600,000 barrels in domestic oil supply, along with inventory drops of 1.1 million for gasoline and 2.4 million for spirits, according to a survey conducted by S&P Global Platts.

Some forecasts for warmer weather this week "probably cooled the optimists," said Daniel Flynn, an analyst at The Price Futures Group, in a note. However, "starting early next week, we will be back in the November winds and we should see another price flurry."

In the Gulf Coast states, weather permitting, repairs after recent storms can occur at a "rapid pace," he said. So far, in this hurricane season, "workers have not been able to stay long enough to make really solid repairs because another hurricane was hitting them."