Oil gains over 1%, settles above $63

Oil drilling rigs

Oil prices rose at the close of trading today, Dec. 1, as markets absorbed the OPEC+ decision to temporarily freeze production increases and as Ukraine launched a new drone attack on Russian energy infrastructure.

Brent crude futures for February delivery rose 1.27%, or 79 cents, to settle at $63.17 a barrel. WTI crude futures for January delivery gained 1.32%, or 77 cents, to $59.32 a barrel.

The Caspian Pipeline Alliance, which carries 1% of the world's oil supply, announced on Nov. 29 that one of the three mooring points at its Novorossiysk terminal was damaged in a Ukrainian drone attack, forcing it to shut down.

This came a day before the OPEC+ meeting, where member states maintained their decision to freeze the plan to end voluntary production cuts for the first three months of 2026.

Meanwhile, Venezuelan President Nicolás Maduro, in a letter to OPEC, accused the US of planning to use military force to seize control of his country's oil.

For his part, US President Donald Trump declared on Nov. 29 that the airspace over Venezuela and its surrounding region should be considered closed. The following day he said he had spoken on phone with Maduro, but did not provide details.