Global oil jumps nearly 3pc

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LONDON: Oil prices climbed nearly 3 per cent on Monday on Opec+’s decision to delay plans to increase output by a month, while the market braced for a critical week in which Americans will elect a new president.

Brent futures were up $2.05, or 2.8pc, at $75.15 a barrel by 12:50pm ET (1750 GMT). US West Texas Intermediate (WTI) crude rose $2.09, or 3pc, to $71.56.

On Sunday, Opec+ said it would extend its output cut of 2.2 million barrels per day (bpd) for another month in December, with an increase already delayed from October because of falling prices and weak demand.

Opec+ had been due to increase monthly output by 180,000 bpd from December.

Published in Dawn, November 5th, 2024

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