Oil rose about 1 % on 14 November , rebounding from a record 12 days of declines and a 2 % slump the previous day , as traders weighed the growing likelihood that the Organization of the Petroleum Exporting Countries ( OPEC ) and allied nations would cut oil at a meeting next month to prop up prices . Brent crude LCOc1 settled up 65 cents, or 1 percent, at $66.12 a barrel, after hitting a session high of $67.63. This pared gains in post - settlement trade as the American Petroleum Institute said crude inventories increased by 8.8 million barrels in the week ended 9 November to 12 million , compared with analysts ’ calling for an increase of 3.2 million barrels .
Oil rose about 1 % on 14 November , rebounding from a record 12 days of declines and a 2 % slump the previous day , as traders weighed the growing likelihood that the Organization of the Petroleum Exporting Countries ( OPEC ) and allied nations would cut oil at a meeting next month to prop up prices . This pared gains in post - settlement trade as the American Petroleum Institute said crude inventories increased by 8.8 million barrels in the week ended 9 November to 12 million , compared with analysts ’ calling for an increase of 3.2 million barrels .