Crude oil futures ended higher on Monday on reports that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, may consider altering plans to keep boosting production if the US and major Asian countries China, India and South Korea released oil from national reserves. The US, as well as India, Japan, China and South Korea are reportedly working out plans to release crude from national reserves, aiming to curb rising crude oil prices. However, upside remained capped on rising concerns about the outlook for energy demand due to a surge in coronavirus cases in several countries, and likely oversupply in the market.
Benchmark crude oil futures for December delivery rose $0.81 or 1.1 percent to settle at $76.75 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $0.72 or 0.91 percent to settle at $79.61 a barrel on London's Intercontinental Exchange.
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