Oil prices were higher today buoyed by optimism of tighter supply and a weaker dollar. Gains were capped when OPEC+ announced they would hold their meeting next week virtually, a sign that policy change is likely not in the cards. Crude stocks were down almost 13MM/bbls, the biggest drop since 2019. However, heating oil demand was down for the second consecutive week heading into winter. “Running all that crude oil through the refinery, you’re going to process a lot of distillate … there is some reason for concern here,” said Bob Yawger, director of energy futures at Mizuho. WTI traded up $2.35 or 3.01% to close at $80.55. Brent traded up $2.40 or 2.8% to close at $85.43.