Commodities and Futures News

Oil prices rise by over $1 on OPEC+ output hike delay

11/03/2024

Less than a minute

2024.11.03 20:05

BEIJING (Reuters) – Oil prices rose by more than $1 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month.

© Reuters. FILE PHOTO: Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products are seen at the Kinder Morgan Terminal, viewed from the Phillips 66 Company's Los Angeles Refinery in Carson, California, U.S., March 11, 2022. Picture taken March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo

futures rose by $1.14 per barrel, or 1.56%, to $74.24 a barrel. U.S. West Texas Intermediate (WTI) crude also rose by $1.14 a barrel, or 1.64%, to $70.63.

OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, was due to increase output by 180,000 barrels per day (bpd) in December.

11/03/2024

Less than a minute

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