Crude-oil futures trade little changed Monday morning as investors watch developments from a gathering of the Organization of the Petroleum Exporting...
Crude-oil futures edged slightly higher to flat on Monday morning, as investors watched developments from a gathering of the Organization of the Petroleum Exporting Countries and its allies, including Russia, on output.
Reuters reported Monday, citing three sources, that the group of oil producers, collectively known as OPEC+, will adhere to an existing agreement to produce an additional 400,000 barrels a day in November. Late last week, speculation had been that the group might increase output “beyond its existing deal to boost production by 400,000 barrels a day,” as prices for crude trade near year three-year highs.
An uneven recovery from the COVID-19 pandemic in parts of the world, coupled with a surge in energy products, such as natural-gas futures, has been complicating OPEC+’s decision-making, reports say. The December Brent contract BRNZ21, +0.14%, the international benchmark, meanwhile, was trading 12 cents, or 0.2%, higher at $79.40 a barrel on ICE Futures Europe.
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