Oil closes higher after Saudi Arabia, Russia reaffirm supply cuts

Oil drilling rigs

Oil logged gains today, Nov. 6, after Saudi Arabia and Russia maintained voluntary production cuts by one million barrels per day (bpd) and 300,000 bpd, respectively, until the end of the year.

Brent crude for January delivery rose 0.35%, or 29 cents, to close at $85.18 per barrel, after increasing to $86.46 during the session.

WTI crude for December delivery gained 0.4%, or 31 cents, to record $80.82 per barrel, after touching $82.24 during trading.

Meanwhile, official data showed that fuel consumption in India – the third largest oil consumer in the world – rose by 5.5% on a monthly basis during October to about 19.26 million metric tons, Reuters reported.

China recorded its first-ever quarterly foreign direct investment deficit, amounting to $11.8 billion during the period from July to September, highlighting the challenges Beijing faces in supporting the recovery of the world's second-largest economy.