Crude oil prices extended their rally to kick off the trading week, buoyed by news that the Organization of the Petroleum Exporting Countries (OPEC) will delay a production hike again.
December West Texas Intermediate (WTI) futures surged by more than 2 percent to above $71 per barrel on Nov. 4 on the New York Mercantile Exchange.
Brent crude, the global oil price benchmark, rose by more than 2 percent to nearly $75 a barrel on London’s ICE Futures exchange.
Year-to-date, both contracts are down by about 0.25 percent.
The OPEC Secretariat announced that the group and its eight OPEC+ allies, including Russia and Saudi Arabia, agreed to extend the November 2023 voluntary production cuts of 2.2 million barrels per day for an additional month until the end of December 2024….