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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $1.40 to $68.61 on the New York Merc, while Brent for December added $1.43 to $72.55 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI, down from a discount of $11.20. Natural gas for December lost one cent to $2.84. The TSX energy index added a fraction of a point to close at 275.05.

Oil prices headed higher, buoyed by bullish U.S. supply data and the possibility that OPEC+ will delay a planned production increase. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that domestic crude inventories fell by 515,000 barrels last week, whereas analysts were expecting a rise of 2.3 million barrels. Meanwhile, sources told Reuters that OPEC+, which had previously agreed to start unwinding production cuts on Dec. 1, "may be reconsidering the timing ... given the weak macroeconomic realities." The group will have its next policy meeting on Dec. 1.

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