Oil rises by more than 1%, closes above $63

Oil drilling rigs

Oil prices rose at the close of trading on Nov. 24, supported by expectations of a Federal Reserve interest rate cut, which limited the impact of optimism about US mediation efforts to end the war between Russia and Ukraine.

Brent crude futures for January delivery rose 1.29%, or 81 cents, to $63.37 a barrel. WTI crude oil futures for January delivery jumped 1.34% or 78 cents to $58.84 a barrel.

This comes against the backdrop of increased expectations that the Federal Reserve will cut interest rates at its next December meeting, following statements from several monetary policymakers indicating that there is room to continue monetary easing.

Oil prices came under pressure on Friday, closing at their lowest level since Oct. 21, following reports that the US administration was drafting a new peace plan between Russia and Ukraine.

Washington and Kyiv held a meeting attended by representatives of the countries and the European Union last weekend to discuss the details of the plan, which the US and Ukraine described in a joint statement as constructive, and during which they agreed to reduce the plan's provisions.