Oil prices rise 3%, record monthly loss

Oil drilling rigs

Oil prices rose today, Nov. 30, after a significant drop in the US oil inventories and optimism for demand for crude.  

  

Brent crude settled 2.9%, or $2.40, higher $85.43 a barrel, but recorded a monthly loss of 7.9% in November.  

  

US WTI for January delivery jumped 3%, or $2.35, to $80.55 a barrel. 

 

The American Petroleum Institute revealed that oil stocks decreased by 12.6 million barrels in the week ended Nov. 25, while gasoline stocks increased by 2.8 million barrels and distillate stocks rose by 3.5 million barrels. 

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