Oil closes higher ahead of OPEC+ meeting

Oil drilling rigs

Oil closed higher today, Nov. 29, ahead of the OPEC+ meeting and as US crude inventories rose for the sixth week in a row. Prices were also affected by the disruption of exports of up to two million barrels per day from Kazakhstan due to weather conditions.

Brent crude for February delivery (the most active) rose by 1.75%, or $1.41, to settle at $82.88 per barrel. The contract prices for January delivery rose by the same percentage to $83.1 per barrel.

WTI crude for January delivery increased by approximately 1.9%, or $1.45, to record $77.86 per barrel, after touching $77.98 during the session.

The Energy Information Administration announced that US crude inventories rose by 1.6 million barrels in the week ended Nov. 24. Inventories at the Cushing Delivery Center – the largest storage center in the US – increased by 1.8 million barrels.

Markets are awaiting the OPEC+ virtual meeting on Nov. 30. Many analysts said they expect oil supply cuts to be extended or even deepened next year in order to support prices.