Oil closes positive, Brent crosses $72

Oil drilling rigs

Oil prices closed positive after volatile trading today, Nov. 13, following the US Energy Information Administration's (EIA) forecast that global oil consumption will rise by 1.2 million barrels per day to 104.4 million barrels per day next year.

Brent crude futures for January delivery rose 0.55%, or 39 cents, to $72.28 a barrel, recouping from a slide to $70.72.

WTI crude futures for December delivery rose 0.45%, or 31 cents, to $68.43 a barrel, after falling to $66.94.

The EIA raised its global oil production forecast by 0.1% to 104.7 million barrels per day next year, while cutting its OPEC+ production estimate by 0.2% to 43.3 million barrels per day, and reducing its US production forecast by 0.1% to 13.53 million barrels per day.

The American Petroleum Institute's report on oil inventories is expected later today, and official inventory data is scheduled to be released on Nov. 14, amid expectations of a 400,000-barrel rise in crude inventories.