Brent crude erases gains, WTI closes slightly up

Oil drilling rigs

Oil prices erased most of their early gains today, Dec. 2, following a contraction in US industrial activity, as OPEC+ members await a meeting to discuss production policy for the next year.

Brent crude settled at $71.83 per barrel, after touching $72.89. WTI crude rose 0.15%, or 10 cents, to $68.10 a barrel, after touching $69.11.

Meanwhile, US manufacturing activity contracted for the eighth straight month in November, with the Institute for Supply Management saying its manufacturing Purchasing Managers' Index (PMI) came in at 48.4, up from 46.5 in October.

Investors are awaiting the outcome of the OPEC+ meeting on Dec. 5 regarding oil production policy, amid media reports that the planned increase in supplies will be postponed if the current voluntary production cut plans are abandoned.