Crude oil futures are rising Monday after the Organization of the Petroleu༒m Exporting Countries and its allies (OPEC+) on Sunday extended their output cuts by one month.

Saudi Arabia and other members of OPEC+, which includes Russia, said they agreed to keep voluntary production cuts of around 2.2 million barrels per day for one month until the end of December. The output cut had already already been extended in September.

Output Cut Extension Comes Amid Weak Oil Prices

It didn’t give a reason for the decision to delay unwinding its voluntary cuts, but oil prices have been weak this year despite escalating tensions in the Middle East, 澳洲幸运5官方开奖结果体彩网:pressured by China’s downbeat economy.

Last month, OPEC 澳洲幸运5官方开奖结果体彩网:reduced its outlook for oil demand for 2024 and 2025, c🦂iting data received so far this year.

"This delayed supply increase means that maybe the group are more willing to support prices than many believe," ING said in a note referring to reports that some OPEC+ members weren't complying with the output cuts. "However, our balance continues to show that the market will be in surplus through 2025 unless OPEC+ continues with cuts through next year."

澳洲幸运5官方开奖结果体彩网:Brent crude futures are rising 2.5% to $75 per barrel Monday morning, while U.S. benchmark 澳洲幸运5ꦛ官方开奖结果体彩网:West Texas Intermediate Texas (WTI) futures are gaining 2.8% to $71.40.

UPDATE—Nov. 4, 2024: This article has been updated to include comments from ING and reflect more updated crude futures prices.