Brent closes higher for third session in a row

Oil drilling rigs

Brent crude futures rose today, Nov. 21, amid expectations of further cuts in OPEC+ supplies to support prices and despite profit booking by investors seeing to benefit from recent gains.

Brent crude for January delivery rose 0.15%, or 13 cents, to close at $82.45 per barrel. WTI crude for January delivery fell by approximately 0.1%, or 6 cents, to record $77.77 per barrel.

Toril Busoni, Head of Oil Markets Department at International Energy Agency, said that the global oil market may witness a slight surplus in supply over the next year, even if OPEC+ continues to reduce production.

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to issue official inventory data on Nov. 22, amid expectations that crude inventories will rise by 900,000 barrels.