Commodities

Oil Rises as OPEC+ Delays Output Hike, Election Roils Trading

WTI advances as OPEC restraint tightens supply outlook
Iran reportedly plans to attack Israel after US election

WATCH: Oil advanced amid an OPEC+ delay and heightened Iran tensions. Joumanna Bercetche reports from Adipec in Abu Dhabi.Source: Bloomberg

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By Mia Gindis and Maggie Eastland

November 3, 2024 at 11:10 PM UTC

Updated on

November 4, 2024 at 8:49 PM UTC

This article is for subscribers only.

Oil climbed after OPEC+ agreed to push back its December production increase and Iran outlined a possible response to Israel’s recent bombardment. Traders also braced for jumpy trading ahead of the US election.

West Texas Intermediate rose 2.8% to settle near $71.50 a barrel, the biggest gain since early October, while Brent advanced 2.7% to settle above $75.