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.
