2021.11.0118:55:00UTC+00Oil Futures Settle Higher On Demand Hopes

Crude oil prices moved higher on Monday with traders weighing energy demand and supply levels and looking ahead to the upcoming OPEC+ meeting.

Traders noted a rare official statement from China that it will release reserves of diesel and gasoline to increase market supply and support price stability in some regions.

West Texas Intermediate Crude oil futures for December ended higher by $0.48 or about 0.6% at $84.05 an ounce.

WTI futures gained over 11% last month on hopes tight supplies and higher gas bills will encourage a switch to crude for use as a power generation fuel.

Brent crude futures were up $0.91 or 1.1% at $84.63 a barrel a little while ago.

On November 4, the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together called OPEC+, are likely to stick to a planned output increase of 400,000 barrels per day in the month.

The plan ensures adequate crude supply to balance the global market, state news agency KUNA quoted Kuwaiti oil minister Mohammad Abdulatif al-Fares as saying.