Oil Prices Spike After OPEC+ Postpones Production Cut Increase

Crude oil prices started the week with a gain of over $1 per barrel following reports that OPEC+ had decided to postpone a planned partial rollback of its production cuts. The group was supposed to bring back some 180,000 barrels daily in supply from December but it had conditioned that move on the price environment. If oil prices were right, they would bring back the supply. If prices remained depressed, as they have, the rollback would be pushed back. While the OPEC+ decision was anything but surprising, its impact on oil prices was immediate,…