Oil gains nearly 3% after OPEC+ delays output hike

Oil prices rose nearly 3% on Monday after OPEC+ postponed a planned output increase, while markets prepared for a week of significant events, including the U.S. presidential election and a key Chinese policy meeting.

Brent crude rose 2.71% to $75.08 per barrel, and U.S. West Texas Intermediate gained 2.85% to $71.47.

OPEC+ extended its 2.2 million bpd production cut into December, delaying an increase due to weak demand, CNBC has reported.

read more: https://www.cnbc.com/2024/11/04/oil-prices-rise-by-over-1-on-opec-output-hike-delay.html

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