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

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Upgrade to Premium Oil prices rise by over $1 on OPEC+ output hike delay FILE PHOTO: Aerial view of storage tanks at Kinder Morgan Terminal and Phillips 66 Refinery in Carson, California · Reuters Reuters Sun, Nov 3, 2024, 7:38 PM 1 min read

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)

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