Crude oil closes: the market shakes off OPEC+ production increase rumors Crude oil futures closed sharply higher

On November 23, investors continued to weigh the outlook for energy demand and the impact of measures such as limiting Russian oil, and crude oil futures rebounded from the plunge caused by major oil producers considering increasing production
.

West Texas Intermediate crude for January futures rose $1.
84, or 2.
2 percent, to $81.
88 a barrel
.
The contract fell 7 cents to settle at $80.
04 a barrel on Monday, after falling more than 5 percent at Monday's session low, and West Texas Intermediate hit its lowest since January on Monday
.
Brent crude futures, the global benchmark, rose $1.
86, or 2.
1 percent, to $89.
31 a barrel in January
.
The contract fell 17 cents, or 0.
2 percent
, to settle at $87.
45 a barrel on Monday.
Both Brent and WTI crude on Monday closed their lowest since
late September.

December gasoline prices rose 4.
3 percent to $2.
5419 a gallon on the New York Mercantile Exchange, while heating oil prices fell 0.
3 percent to $3.
4864 a gallon in December
.
Natural gas also reversed earlier trends in December, finally rising 0.
4% to $6.
809/MMBtu
.

WTI and Brent crude prices both fell to their lowest levels since January at the start of the week, closing at a two-month low on Friday
.
Earlier, The Wall Street Journal, citing unnamed representatives, said Saudi Arabia and other OPEC producers were discussing increasing output by up to 500,000 barrels per day, possibly at
a meeting in early December.

Delegates reportedly said that production increases are currently being discussed for the OPEC+ meeting on Dec.
4
.
The move will come a day before the European Union imposed an embargo on Russian oil and the G7 planned to set a price cap on Russian crude sales, a move that could take Moscow's oil supplies out of the market
.