Oil rises ahead of OPEC+ meeting

Oil drilling rigs

Oil prices rose today, Nov. 30, ahead of the OPEC+ ministerial meeting later in the day and as investors absorbed US inventory data that showed a higher-than-expected rise.

International benchmark Brent crude was trading up 0.45% at $83.25 a barrel, at 09:12 am Makkah time.

West Texas Intermediate (WTI) crude rose 0.53% to $78.27 a barrel.

ING analysts said in a note that the markets ignored US inventory data, which is supposed to push oil prices towards a decline. OPEC+ failure to resolve the dispute over Angola and Nigeria’s production targets for the next year contributed to uncertainty in the oil markets.

The US Energy Information Administration said in a report issued on Nov. 29 that oil inventories in the US rose by 1.6 million barrels last week, compared to expectations of an increase of only 900,000 barrels.