Oil prices rose more than 1% on Monday, amid hopes that OPEC+ will continue to slash output. The cartel has been cutting production by about 7.7 million barrels per day, with a compliance rate seen at 101% in October, and had planned to increase output by 2 million bpd from January. The group is due to hold a ministerial committee meeting later Tuesday, which could recommend changes to production quotas when all the ministers meet on November 30th and December 1st, according to Reuters.
Limiting the rise was higher output from Libya. At the same time, concerns about weakening fuel demand due to rising COVID-19 in the US lingered, with hospitalizations reportedly continuing to rise in at least 46 US states. In Europe, officials mentioned that measures to stop virus cases must continue as near-term economic risks remain as infections showed no signs of ease. At around 03:30 AM GMT, WTI crude jumped 1.4% to $40.70 a barrel, while Brent crude climbed 1.1% to $43.25 a barrel.