Oil Surges to Highest Since 2014 as OPEC Maintains Supply Hike
- OPEC+ decision comes as many analysts expected bigger boost
- WTI crude jumps 2.3% and Brent futures top $80 a barrel
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Oil in New York jumped to the highest since 2014 following OPEC+’s decision to maintain a gradual supply hike even as a natural-gas crisis boosts crude demand.
U.S. crude futures advanced 2.3% Monday. OPEC+ ministers ratified the 400,000 barrel-a-day output increased scheduled for November, according to a statement from the group. The decision comes as the world’s biggest oil company, Saudi Aramco, said the global natural-gas shortage has boosted crude consumption by by 500,000 barrels a day.