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Crude oil, natural gas prices rise on dismissals of OPEC+ output hikes

Yahoo Finance's Ines Ferre examines trends in crude oil and natural gas commodities amid dismissals of OPEC+ output hikes from Saudi officials.

Video transcript

RACHELLE AKUFFO: So actually watching oil futures pushing higher today. That's after Saudi Arabia denies reports that the Kingdom is backtracking on planned cuts to oil production. Yahoo Finance's Ines Ferre is here with the latest. Ines, what are you watching?

INES FERRE: Yeah, that's right, Rachelle. Well, WTI closed higher today for the first time in five sessions after that volatile session that you were mentioning yesterday, with Saudi Arabia denying those reports that it was considering a production increase. In fact, Saudi Arabia saying that it's ready to cut more production if needed. Keep in mind that the next OPEC+ meeting is on December 4. WTI up 1.6% today, closing at $80.95 a barrel, Brent crude settling at $88.36 a barrel.

Watching also natural gas futures that have been going higher, up 1.86%. Remember that you have low inventory levels in the Northeast. I also want to mention what's happening in Europe because the EU has proposed an emergency brake on natural gas prices. That's to avoid volatility, but that brake is well above where the natural gas prices are right now in Europe. So it's unclear if it will ever be used, guys.