Crude Oil Futures Rise as Traders Await OPEC+ Meeting

The prices of crude oil futures experienced a 1% increase on Tuesday, driven by anticipation ahead of the Organization of the Petroleum Exporting Countries and its partners (OPEC+) meeting scheduled for Thursday, December 5.

The organization is widely expected to extend its latest round of production cuts until the first trimester of 2025 due to the oversupply outlook, which has dragged prices down.

West Texas Intermediate (WTI) for deliveries in January climbed by 1.13% to $68.87 per barrel at 6:27 am ET. A minute later, Brent for February settlements jumped by 1.04% to go for $72.60 per barrel.