Oil closes up after OPEC report

Oil drilling rigs

Oil prices closed higher after volatile trading today, Nov. 12, as investors digested OPEC's lowered forecast on oil demand growth for the fourth straight month and OPEC+ supply cuts.

Brent crude futures for January 2025 delivery gained 6 cents to close at $71.89 a barrel, after falling to $71.55 earlier in the session.

WTI crude futures for December delivery added 8 cents to settle at $68.12 a barrel, after falling to $67.75.

According to the November report from the Organization of the Petroleum Exporting Countries (OPEC), global consumption will rise by 1.8 million barrels per day in 2024, about 107,000 barrels per day less than previously expected, after data from China, India and Africa came in below expectations.

However, the report showed that oil production in OPEC+ countries participating in production agreements decreased by 283,000 barrels per day to 35.08 million barrels per day in October, below the monthly target of 35.24 million barrels per day.