Crude oil futures settled higher on expectations of a drop in US crude inventories in the week ended October 18. Further, prospects of OPEC and its allied scaling back production helped as well. OPEC and its allies are reportedly planning to further scale back production from January 1 to 5.8 million barrels per day from the existing 7.7 million barrels per day. Besides, sentiments were upbeat despite lingering concerns about outlook for energy demand due to surging coronavirus cases and tightening of lockdown measures in several parts across the world.
Crude oil futures for November gained 63 cents or 1.5 percent to settle at $41.46 a barrel on the New York Mercantile Exchange. December Brent crude rose 54 cents or 1.3 percent to settle at $43.16 a barrel on London's Intercontinental Exchange.