Looking ahead, the Organization of Petroleum Exporting Countries will consider agreeing on output cuts for most members when the group’s energy  ministers meet on November 30.

SEE MORE: Energy ETFs Rally as Russia Joins OPEC in Considering Supply Limits

“Everyone is pretty loathe to sell this thing down given we don’t know what’s going to happen at the end of the month” at the OPEC meeting, Matt Smith, director of commodity research at ClipperData, said in a note.

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United States Oil Fund