Oil prices traded higher on comments by Saudi Arabia and on the European Central Bank's (ECB) interest rate decision. The euro increased against the U.S. dollar as the ECB added further stimulus measures, but market participants were disappointed because they hoped for more stimulus measures.

News reported that Saudi Arabia is ready that the OPEC could cut its oil output by 1 million barrels per day (bpd) in 2016, but if non-OPEC members will join action.

Market participants are awaiting the release of the results of the OPEC meeting. The OPEC will meet in Vienna on December 04 to decide on the oil output limit. Analysts expect the OPEC to keep its output limit unchanged.

WTI crude oil for January delivery rose to $40.40 a barrel on the New York Mercantile Exchange.

Brent crude oil for January climbed to $43.49 a barrel on ICE Futures Europe.