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.
Brent 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.
(Reporting by Colleen Howe; Editing by Kim Coghill)