WTI crude oil jumps 3% after OPEC+ extends output cuts

WTI crude oil futures jumped 3% to $71.50 per barrel on Monday after OPEC+ decided to delay planned output increases by one month.

WTI crude oil jumps 3% after OPEC+ extends output cuts

The group announced it would extend its production cut of 2.2 million barrels per day (bpd) into December, postponing a scheduled increase of 180,000 bpd due to declining prices and weak demand. Concerns are also rising about a possible retaliatory strike by Iran on Israel in the coming days. Additionally, the market focuses on Tuesday's U.S. presidential election, where polls show a close contest between Democratic Vice President Kamala Harris and Republican former President Donald Trump.

Fed likely to cut rates; China plans economic stimulus

Economists are also forecasting a 25 basis point interest rate cut by the U.S. Federal Reserve on Thursday. Meanwhile, the National People’s Congress in China will convene this week to discuss further stimulus measures to support the slowing economy, particularly regarding local government debt.