Oil gains more than US$1 after OPEC+ delays output hike

Oil prices rose over $1 per barrel on Monday after OPEC+ postponed its planned production increase by a month. Brent crude gained 1.61% to reach $74.28, while U.S. West Texas Intermediate (WTI) rose 1.74% to $70.70.

This production delay, extending a 2.2 million bpd output cut into December due to weak demand and lower prices, initially aimed to raise output by 180,000 bpd in December.

Last week, Brent and WTI declined by around 4% and 3%, respectively, pressured by record U.S. production, though prices slightly rebounded on Iran-Israel tensions.

With the upcoming U.S. election, markets may see broad price consolidation, and any significant increase could face resistance around $78.50, according to IG strategist Yeap Jun Rong.