It is said that OPEC member countries and non OPEC oil producing countries such as Russia plan to hold a meeting in December and will consider taking larger scale production reduction actions. Affected by this, crude oil futures ended two consecutive trading days of decline and closed higher.

West Texas light crude oil (WTI) futures for November delivery on the New York Mercantile Exchange rose $0.85 to $54.16 a barrel, or 1.6%, according to information tracked by the Institute of purchasing and plastic research. The contract expired on Tuesday and rose $0.97 in December to $54.48 a barrel, or 1.8%. Brent crude oil for December delivery also rose 74 cents to $59.70 a barrel, or 1.3%, on the ice European futures exchange in London, after the contract closed 0.8% lower yesterday.

OPEC and its allies will consider further cuts when they meet in December, amid growing concerns about slower demand growth. According to Reuters, the Joint Technical Committee of OPEC and non OPEC next month may start to consider further production cuts and recommend them to OPEC and the non OPEC alliance meeting in December. The joint technical committee is composed of representatives of OPEC and non OPEC oil producing countries involved in production reduction, and is the body to supervise the implementation of production reduction agreements.

OPEC and non OPEC production reduction alliance will hold a semi annual oil ministers' meeting in Vienna on December 5-6 to discuss oil market policy. The current production reduction agreement promises to reduce 1.2 million barrels of crude oil production per day in total, which will end in March 2020.