Oil closes higher for second session in row

Oil drilling rigs

Oil closed higher today, Dec. 11, as traders await market reports this week amid monetary policy decisions from the Federal Reserve and the European Central Reserve.

Brent crude futures for February delivery rose 0.25%, or 19 cents, to settle at $76.03 a barrel. WTI crude for January delivery increased by 0.15%, or 9 cents, to $71.32 per barrel.

Citigroup said the OPEC+ needs to maintain the recent production cuts over the next year in order to achieve balance in global oil markets and maintain prices between $70 and $80.

Oil processing in Russia fell in the first six days of December to its lowest level in seven weeks at 5.33 million barrels per day due to logistical restrictions affecting refineries, Bloomberg reported, citing sources familiar with the matter.

During this week, the International Energy Agency, OPEC, and the US Energy Information Administration are scheduled to issue monthly reports on the oil market that may provide more evidence about supply and demand.