10/4, 4:13 PM (Source: TeleTrader)
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Oil jumps 3% after OPEC+ sticks with output deal

Crude oil futures prices rose over 3% for a brief period on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) decided to leave their agreement on monthly oil production increases of 400,000 barrels per day (bpd) intact for the month of November. The amount is significantly lower compared to the 800,000 bpd output hike that had been reported earlier by the media.

Brent for December deliveries gained 2.72% to go for $81.47 per barrel at 10:11 am ET, the highest it has been since late 2018. West Texas Intermediate (WTI) for settlements in November advanced 2.52% to sell for $77.79 at 10:11 am ET, reaching a level unseen in almost seven years.

Baha Breaking the News (BBN) / MS