WTI crude futures settled 1.3% higher at $78.93 a barrel on Tuesday, holding at the highest level since November of 2014 after OPEC+ decided to stick with its planned 400,000 bpd increase in crude output quota for November, in line with a recommendation from the Joint Ministerial Monitoring Committee, and despite pressure from some countries including the US and India to add more supply to stabilize prices. Oil prices are up 60% so far on the year. Meanwhile, Royal Dutch Shell resumed production at one of its main US Gulf of Mexico offshore facilities, according to Bloomberg. Traders now await the API weekly report due later in the day.
