Crude oil futures ended significantly higher on Monday, riding on the decision of the Organization of the Petroleum Exporting Countries, Russia and their allies to stick to its current output policy amid rising demand for petroleum products across the world. The group, known as OPEC+, has decided to raise output by 400,000 barrels per day, sticking to the decision arrived in July. In July, the group agreed to increase monthly production by 400,000 barrels per day (bpd) until at least April 2022 and phase out existing reductions of 5.8 million barrels.
Benchmark Crude oil futures for November delivery rose $1.74 or about 2.2 percent to settle at $77.62 barrel on the New York Mercantile Exchange. Brent crude for December delivery added $2.03 or about 2.6 percent to settle at $81.31 a barrel on London's Intercontinental Exchange.