Oil continued to rise on tightening supply outlook

International benchmarks for crude oil continued to rally after the OPEC+ agreed to cut production output by 2 million barrels in November, tightening the supply outlook just before the winter. Other factors supporting the continuous price hikes include the weaker US dollar and the latest draw in US commercial crude inventories.

Brent added $1.05 or 1.1% to settle at $94.42/barrel.

WTI settled at 69 cents higher at $88.45/barrel.