Oil futures finished sharply higher Monday after members of OPEC+ - made up of the Organization of the Petroleum Exporting Countries and its allies - said they would wait yet another month before beginning to unwind 2.2 million barrels a day in production cuts.
Natural-gas prices, meanwhile, posted a gain of more than 4%, buoyed by an intensifying weather system, currently referred to as Tropical Depression 18, that may be heading to the Gulf of Mexico, putting oil-and-gas infrastructure at risk.
West Texas Intermediate crude CL00 for December delivery CL.1 CLZ24 rose $1.98, or nearly 2.9%, to settle at $71.47 a barrel on the New York Mercantile Exchange.
January Brent crude BRN00 BRNF25, the global benchmark, added $1.98, or 2.7%, to $75.08 a barrel on ICE Futures Europe. Brent and WTI both settled at their highest prices since Oct. 25, according to Dow Jones Market Data.
Source: Bloomberg
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