Crude oil futures ended sharply higher on Monday as the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, decided to push back its December production increase by at least a month, prioritizing price support over regaining market share. The group led by Saudi Arabia and Russia was supposed to begin a series of monthly production increases by adding 180,000 barrels per day from December. The decision has now been postponed due to recent pressure on prices from weak demand growth, especially in China and Europe. On the geopolitical front, Iran's Supreme Leader Ayatollah Ali Khamenei has vowed that Israel and the U.S. would face a teeth-breaking response for their actions against the country.
Benchmark crude oil futures for December delivery rose $1.98 or about 2.85 percent to settle at $71.47 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $1.98 or about 2.71 percent to settle at $75.08 a barrel on London's Intercontinental Exchange.