Oil prices rose by more than a dollar in early trading on Monday, after the OPEC+ group announced that it would postpone the production increase scheduled for December for a month due to weak demand and increased supply from outside the group.
Brent crude futures rose $1.21 a barrel, or 1.66%, to $74.31 a barrel. US West Texas Intermediate crude rose $1.23, or 1.77%, to $70.72 a barrel.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies, was due to raise output in December by 180,000 bpd.
