Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output.
A pumpjack pumps oil in the Inglewood Oil Field as seen from the Kenneth Hahn State Recreation Area on July 13, 2022 in Los Angeles, California.Oil prices rose more than 2% on Monday on a decision by OPEC + to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election and a key meeting in China.
OPEC+ is set to gradually unwind the 2.2-million-bpd cut over the coming months, while another 3.66 million bpd of production cuts will stay until the end of 2025. On Thursday, U.S. news website Axios said Israeli intelligence suggested that Iran was preparing to attack Israel from Iraq within days, citing two unidentified Israeli sources.
And on Thursday, economists expect the U.S. Federal Reserve to cut interest rates by 25 basis points.
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