Oil futures rally as OPEC+ agrees to boost output in November

MW Oil futures rally as OPEC+ agrees to boost output in November

Oil futures rallied on Monday, with U.S. prices headed for their highest settlement since 2014, after the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, reaffirmed their previous decision on production levels and said the group will raise the monthly overall production by 400,000 barrels per day in November. "OPEC+ is only adding 400,000 barrels per day of supply back to the market each month," said Peter McNally, global sector lead for industrial, materials and energy at Third Bridge. "At that rate, Third Bridge experts expect inventories to continue to decline for the balance of the year." November West Texas Intermediate crude rose $2.19, or 2.9%, to trade at $78.07 a barrel on the New York Mercantile Exchange, with front-month prices on track to post their highest finish since November 2014, according to FactSet data. December Brent crude added $2.13, or 2.7%, at $81.41 a barrel, trading at the highest since October 2018.