Crude oil futures ended higher on Monday amid concerns about supplies. According to private reports, the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, fell short of its oil production target by 3.583 million barrels per day in August. The group had missed its target in June as well, falling short by nearly 2.9 million barrels per day. However, a fairly steady dollar amid possible sharp hikes in interest rates limited oil's upside. The Federal Reserve is widely expected to announce another 75-basis point hike in interest rates this Wednesday. Meanwhile, the Bank of England, the Bank of Japan, The People's Bank of China, and the Swiss National Bank are also scheduled to announce their rate decisions this week.
Benchmark crude oil futures for October delivery surged $0.62 or 0.7 percent at $85.73 a barrel on the New York Mercantile Exchange. Brent crude for November delivery rose $0.66 or about 0.73 percent to settle at $92.01 a barrel on London's Intercontinental Exchange.