Oil futures are higher as investors await the outcome of the OPEC meeting

Oil futures are higher as investors await the outcome of the OPEC meeting amid reports that additional output cuts of 1 million or more barrels a day are being considered by the producer group and its allies. WTI for January delivery is up 1.5% at $79.00 a barrel. January Brent, which expires today, is up 1.4% at $84.24 a barrel and the more active February Brent contract is up 1.3% at $83.93 a barrel. Some analysts expect any price boost to be short-lived. “Despite OPEC+ actions the market faces falling of global oil demand,” says Peter Cardillo, chief market economist at Spartan Capital, in a note. “As a matter of fact, China reported its manufacturing sector continued to contract.” China’s manufacturing PMI slipped by 0.1 point in November point to 49.4.