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Crude oil futures end higher on Tuesday

29 Nov 2023 Evaluate

Crude oil futures ended higher on Tuesday on hopes the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, will extend output cuts, or might even consider increase the quantum of reduction. OPEC+ is scheduled to hold an online ministerial meeting on Thursday (November 30) to discuss production targets for next year. Further, a weak dollar contributed as well to the jump in oil prices.

Benchmark crude oil futures for January delivery rose $1.55 or about 2.1 percent to settle at $ 76.41 a barrel on the New York Mercantile Exchange. Brent crude for January delivery gained $1.58 or about 1.98 percent to settle at $ 81.45 (Provisional) a barrel on London's Intercontinental Exchange.