Brent settles lower after volatile session

Oil drilling rigs

International benchmark Brent crude closed lower today, Nov. 29, as investors weighed the upcoming OPEC+ meeting and the prospects for demand for crude.

Trading remained volatile with sharp fluctuations in prices following reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) was considering deepening production cuts during it meeting on Dec. 4.

On the other hand, China announced that it will increase vaccination efforts against COVID-19 in the country, after protests against strict restrictions related to the pandemic.

The markets are also following the discussions of the European Union governments regarding the maximum price of Russian oil, amid ongoing disputes between member states over the price level of crude.

Brent crude fell 0.2%, or 16 cents, to settle at $83.03 a barrel, after swinging between $82.39 and $86.

WTI crude rose by 1.2%, or 96 cents, to $78.20 a barrel.