Oil rises 1% as investors assess market outlook

Oil drilling rigs

Oil prices rose at the close of trading on Nov. 26, as investors assessed the market outlook amid ongoing peace talks between Russia and Ukraine.

Brent crude futures for January delivery climbed 1%, or 65 cents, to $63.13 a barrel.

West Texas Intermediate (WTI) crude futures for January delivery rose 1.21%, or 70 cents, to $58.65 a barrel.

This positive performance followed a drop in crude prices to a one-month low at the close of the previous session, after Ukraine indicated its willingness to reach a framework agreement to end the conflict with Russia.

Meanwhile, data released by the US Energy Information Administration showed that commercial crude oil inventories rose by 2.8 million barrels last week, contrary to expectations of a 1.3 million barrel decline, suggesting a slowdown in fuel consumption.