Oil prices increased by over $1 in early trading on Monday after OPEC+ announced it would postpone a planned output increase for December by one month due to weak demand and increasing supply from outside the group.
Brent futures climbed by $1.18 per barrel, or 1.61%, reaching $74.28 by 0121 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose by $1.20 per barrel, or 1.73%, to $70.69.
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