Crude oil futures end higher as OPEC likely to consider deeper production cuts

Crude oil futures ended higher on Tuesday on a report that major oil producers are likely to consider deeper production cuts when they meet in December. Members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies will consider making further reductions to crude output when they meet in December because of growing concerns about a slowdown in growth for oil demand. 

 

The report also said OPEC member Saudi Arabia wants to first lift adherence to the agreement, as Iraq and Nigeria are among the countries that have not fully complied with the reductions.

Benchmark crude oil futures for November rose 85 cents or 1.6 percent to settle at $54.16 a barrel on the New York Mercantile Exchange. December Brent gained 74 cents or 1.3 percent to settle at $59.70 a barrel on London's Intercontinental Exchange.

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