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Crude oil futures settle higher amid supply concerns

02 Dec 2025 Evaluate

Crude oil futures settled higher on Monday as the U.S. dollar came under pressure amid expectations of interest rate cuts. Further, a brewing Latin American conflict after the U.S. stepped up action against Venezuela along with Ukraine's attacks on Russia last weekend that damaged a Russian oil terminal have heightened supply side concerns. Meanwhile, Venezuelan President Nicolas Maduro accused the U.S. of scheming to seize the country's oil-rich reserves and asked OPEC to protect his country from U.S. President Donald Trump's aggressive actions. 

Benchmark crude oil futures for December increased $0.77 or 1.32% at $59.32 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $0.79 or 1.27% to settle at $63.17 a barrel on London's Intercontinental Exchange.

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