Crude oil futures ended higher on Monday, after spending much of the day's session in the red, amid speculation OPEC+ will seriously consider a new production cut at its meeting early next month. The Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, will meet on December 4 to discuss their production strategy. The group had last month agreed to reduce its output target by 2 million barrels per day through 2023. However, oil prices dropped to an 11-month low earlier in the day, as worries about outlook for demand from China rose amid the growing unrest in the country due to widespread protests against Covid lockdowns in several cities.
Benchmark crude oil futures for January delivery rose $0.96 or about 1.3 percent at $77.24 a barrel on the New York Mercantile Exchange. Brent crude for January delivery added $0.15 or about 0.12 percent to settle at $83.86 (Provisional) a barrel on London's Intercontinental Exchange.