Oil closes over 2% higher as supply seen under pressure

20/11/2023 Argaam

Oil closes over 2% higher as supply seen under pressure

Oil drilling rigs

Oil closed positive today, Nov. 20, driven by the possibility of further cuts in OPEC+ supplies to support prices amid turmoil in the Middle East. China's efforts to stimulate economic activity also boosted prices.

 

Brent crude for January delivery rose 2.1%, or $1.71, to close at $82.32 per barrel, after touching $82.94 during the session.

 

WTI crude for January delivery gained 2.35%, or $1.79, to record $77.83 per barrel. The price of the December contract (expiring today) increased by 2.25% to $77.60.

 

The prices led higher after Friday's gains, following reports of the possibility that OPEC+ may discuss the need for additional cuts in supplies during its meeting on Nov. 26.

 

Research firm IIR Energy said that US oil refineries are on track to increase production by 559,000 barrels per day this week as they exit maintenance work planned for the fall, Reuters reported.

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