The bounce in oil prices on promising vaccine trials may be at risk if OPEC and its allies fail to reach a deal in two weeks time to extend production quotas set to ease next year.

The proposed 2 million barrels a day easing was reviewed at an OPEC+ gathering on Tuesday (Wednesday AEDT), but traders who have profited from higher oil prices this month will have to wait until talks scheduled for November 30 and December 1 for a verdict on whether the current production quotas will be extended.