Crude oil prices: OPEC+ production cuts and easing demand concerns New York crude closed higher

On November 30, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will continue to cut production to consolidate oil price expectations and expectations of easing energy demand concerns supported energy prices, and crude oil prices closed higher
.

COMEX West Texas Intermediate crude for January futures rose 96 cents, or 1.
2 percent, to settle at $
78.
20 a barrel.
Front-month contracts hit their lowest intraday level since December on Monday, but closed higher
.
ICE Futures Eufutures January global benchmark Brent crude futures fell 16 cents, or 0.
2 percent
, to settle at $83.
03 a barrel.
Brent crude futures, the most actively traded February, rose 36 cents, or 0.
4 percent
, to $84.
25 a barrel.

December gasoline rose nearly 0.
1 percent to $2.
3321 a gallon, and December heating oil rose 2.
5 percent to $3.
2959 a gallon
.
Natural gas NGF23 rose 0.
5% to $
7.
235 per million British thermal units in January.

As the world's largest oil importer, the prospect of a return to normalcy is enough to push oil prices soaring, the first sharp rebound in the past two weeks," said Ricardo Smith, senior analyst at ActivTrades.
Ricardo Evangelista said
in a report.

Oil prices fell sharply early Monday, with benchmark U.
S
.
oil prices erasing gains in 2022 at one point.
Oil prices then rebounded to close higher, amid speculation that OPEC+ could cut production
further.

Robert Yaje, head of energy futures at Mizuho Securities USA, said in a note on Tuesday that there were "growing rumors" in the energy sector that OPEC and its allies would cut production
at the Dec.
4 meeting.
According to a recent Bloomberg report, OPEC+ representatives said further cuts could be an option
, following last month's 2 million barrels per day.

Just two weeks ago, it was reported that OPEC+ might decide to add 500,000 barrels of oil to help compensate for the impact
of the European Union's Dec.
5 embargo on Russian oil, Yawger said.
However, the price of global benchmark Brent crude hit its lowest level
since January on Monday.

OPEC+ will reportedly hold a virtual meeting on Sunday instead of meeting in person
.
Helima Croft, head of global commodity strategy and Middle East and North Africa research at RBC, wrote in a note on Tuesday: "Choosing to go unobtrusive appears to increase the likelihood of
a deferred decision.
"

Croft said OPEC+ may also want to avoid the "media vortex"
a day before the EU imposes its latest sanctions on Dec.
5, including a ban on Russian oil imports.