Crude oil futures settled higher on Monday following a lower-than-expected production hike announced by OPEC+ alliance for the month of November. After a virtual meeting on October 5, the OPEC+ alliance announced its collective decision to increase oil output by 137,000 barrels per day as a part of the group's plans to buffer its recent slump in oil markets.
Benchmark crude oil futures for November increased $0.81 or 1.33% at $61.69 a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained $0.94 or 1.46% to settle at $65.47 a barrel on London's Intercontinental Exchange.