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Oil prices surged nearly 3% on Monday as OPEC+ announced a delay in its planned production increase by a month. The market’s reaction is heightened with a crucial week ahead as the United States gears up for its presidential election.
Brent crude futures rose by $2.05, or 2.8%, to reach $75.15 a barrel at 12:50 p.m. ET (1750 GMT), while U.S. West Texas Intermediate (WTI) crude climbed by $2.09, or 3%, hitting $71.56.
The OPEC+ alliance confirmed on Sunday it would maintain its 2.2 million barrels per day (bpd) production cut through December, having already postponed an increase initially scheduled for October due to weakening prices and demand. Under the initial plan, OPEC+ was to boost output by 180,000 bpd in December.
