NEW YORK (TheStreet) -- Oil prices rose by 5.8% to $45.81 today, as investors become more confidence that OPEC will agree to a production cut at its meeting on November 30, CNBC's Jackie DeAngelis said on Tuesday afternoon's "Closing Bell." The deal is expected to help with the global oil glut problem that has been weighing on oil prices for about two years.
Part of the run-up is due to investors buying on yesterday's dip, DeAngelis noted.
However, today's higher prices are particularly notable because the U.S. Dollar Index broke the 100-mark, which would typically drive oil prices down, she noted. A stronger dollar makes oil more expensive for foreign investors.
The IEA reported that OPEC production last month was about 33.8 million barrels per day. The OPEC deal that was first announced back in September would shave about 750,000 barrels per day off of that figure.
But some traders now predict we might see an even better deal in terms of a production cut, DeAngelis reported. "Now traders are telling me we're looking forward to November 30 and we want not only an agreement on that 750,000 barrels but maybe even more than that, maybe a million or more barrels, which seems like it could be difficult."
This is important because it leaves "a little more wiggle room for the market," she pointed out.