29.11.202319:22:00UTC+00Crude Oil Sees Another Jump Ahead Of OPEC+ Meeting

Following the surge seen in the previous session, the price of crude oil showed another strong move to the upside during trading on Wednesday.

Crude for January delivery jumped $1.45 or 1.9 percent to $77.86 a barrel after spiking $1.55 or 2.1 percent to $76.41 a barrel during Tuesday's trading.

The continued increase by the price of crude oil came as traders look ahead to Thursday's meeting of the Organization of the Petroleum Exporting Countries and their allies. The group, known as OPEC+, is expected to extend or deepen supply cuts.

News of supply disruption caused by a storm in the Black Sea also contributed to the extended surge in oil prices.

Meanwhile, traders largely shrugged off a report from the Energy Information Administration showing an unexpected increase in crude oil inventories.

The report said crude oil inventories rose by 1.6 million barrels in the week ended November 24th compared to expectations for a decrease of 0.9 million barrels.