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Barchart
Rich Asplund

Crude Prices Move Higher on a Smaller-Than-Expected OPEC+ Production Hike

Oil OPEC Russia United States Ukraine

November WTI crude oil (CLX25) on Monday closed up +0.81 (+1.33%), and November RBOB gasoline (RBX25) closed up +0.0411 (+2.21%).

Crude oil and gasoline prices moved higher on Monday after OPEC+ agreed to a smaller-than-expected increase in its crude production levels.  Also, reduced Russian crude production is supporting oil prices after Reuters reported that Russia's Kirishi oil refinery halted most of its production following a drone attack by Ukraine.  Gains in crude were limited on Monday after the dollar index (DXY00) rallied to a 1-week high.

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