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.