Crude oil futures ended sharply higher on Wednesday as traders looked ahead to Thursday's meeting of the Organization of the Petroleum Exporting Countries and their allies. The group, known as OPEC+, is expected to extend or deepen supply cuts. Future, news of supply disruption caused by a storm in the Black Sea also contributed to the extended surge in oil prices.
Benchmark crude oil futures for January delivery rose $1.45 or about 1.9 percent to settle at $77.86 a barrel on the New York Mercantile Exchange. Brent crude for January delivery gained $ 1.42 or about 1.7 percent to settle at $83.10 a barrel on London's Intercontinental Exchange.