Oil Futures Recover Amid Expectations of a OPEC Cut

WTI crude futures close higher, after concerns stemming from China’s struggles with Covid-19 took energy prices to new lows for the year early in the day. The recovery “was a technical factor after the price held near critical support levels,” Spartan’s Peter Cardillo tells WSJ, adding that “there is talk that OPEC may cut production.” The group of oil-producing countries has its next meeting scheduled for December 4. The front-month WTI futures contract gains 1.3% to close at $77.24 a barrel.