Crude oil futures ended slightly higher on Monday after Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed to halt production hikes for the first quarter of 2026. This decision was driven by demand slowdown concerns and the possibility of supply challenges in Russian oil exports as the country is under sanctions imposed by the U.S. and the West. However, gains remained capped as the OPEC+ alliance members agreed to hike output by 1,37,000 barrels per day for December.
Benchmark crude oil futures for December gained $0.07 or 0.11% at $61.05 a barrel on the New York Mercantile Exchange. Brent crude for January delivery rose $0.12 or 0.20% to settle at $64.89 a barrel on London's Intercontinental Exchange.
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