(Ecofin Agency) - The prices of crude oil on Tuesday rose beyond $43 a barrel, its peak level so far in 2016, driven by hopes that oil producers this weekend will arrive at a decision to ease the oversupply and a weak US dollar.

Several members of the Organization of Petroleum Exporting Countries (OPEC) including non-members such as Russia are meeting in Doha, Qatar, on Sunday to agree on a production freeze.

Brent crude was at $43.17 a barrel and later in the session attained a 2016 high of $43.58 while US crude was at $40.59.

Oil prices have fallen from more than $100 in mid-2014 as a result of the oversupply in the global market.

Crude increased last week following a fall in U.S. inventories but this week’s US supply reports are estimated to indicate a boost in stocks of 2.8 million bbls, Emirate 24/7 news reports.

Anita Fatunji