Crude ends higher after OPEC meeting

After trading lower for most of the session, West Texas Intermediate crude January contracts gained 80 cents to $94.64 per barrel on the New York Mercantile Exchange on Monday after the Organization of Petroleum Exporting Countries refrained from boosting production after a weekend meeting in Saudi Arabia.

However, possible production hikes for the first quarter of next year will be discussed at a meeting early next month in Abu Dhabi, although the OPEC oil ministers again called the current market “well-supplied”.

Brent crude for January delivery added 66 cents to $92.28 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline added 1 cent to $2.38 per gallon and January heating oil was up 2 cents to $2.62 per gallon, but January natural gas fell 21 cents to $8.14 per million British thermal units.