Oil prices jump 2% with support for the OPEC+ production plan

Prices jumped Oil Two percent on Monday after the OPEC+ alliance reaffirmed a plan to maintain production levels and the Caspian Sea pipeline alliance stopped exporting after a major attack, as well as tension between the United States and Venezuela, which raised concerns about supplies..

Brent crude futures increased $1.22, or 1.96 percent, to $63.60 per barrel by 07:32 GMT. US West Texas Intermediate crude gained $1.22, or 2.08 percent, to $59.77 per barrel..

The two crude oil prices fell at settlement on Friday for the fourth month in a row, in the longest losing streak since 2023, as expectations of increased global supply pressured prices..

The Organization of the Petroleum Exporting Countries (OPEC) and its allies initially agreed to suspend production increases in early November, slowing down efforts by coalition countries to regain market share amid fears of excess supply..

After a meeting held yesterday, Sunday, OPEC said that it “reaffirmed the importance of following a cautious approach and retaining full flexibility to continue to suspend or withdraw additional voluntary production adjustments.”“.

Anh Pham, an analyst at the London Stock Exchange Group, said that the market reacted positively to this news today.

He explained: “For a while, expectations focused on an abundance of supply OilTherefore, OPEC+’s decision to maintain the target production level provided some relief and contributed to stabilizing supply growth expectations in the coming months“.