Oil Futures Settle Higher on Expected OPEC+ Extension
Crude oil futures settle higher on expectations that OPEC+ will again put off planned output increases when group members meet on Thursday, possibly by as much as three months. Several geopolitical factors, including a shaky ceasefire between Israel and Hezbollah, a declaration of martial law in South Korea, and a rebel offensive in Syria "that threatens to draw in forces from several oil countries," also contribute to the gains, says Muzuho's Robert Yawger in a note.
WTI rises 2.7% to $69.94 a barrel, and Brent gains 2.5% to $73.62 a barrel.
Source : Dow Jones Newswires