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Oil steadies near seven-year high as OPEC+ sticks to output plan

Oil steadies following a decision by OPEC+ to maintain its planned gradual increase of supply, despite the market facing a possible deficit over the next two months.

Photo: ANGUS MORDANT/REUTERS / X06552

Oil steadied in Asian trading after rallying to the highest level since 2014 following a decision by OPEC+ to maintain its planned gradual increase of supply, despite the market facing an energy crunch.

Futures in New York traded near USD 78 a barrel after surging 2.3 percent on Monday as the alliance stuck with a 400,000 barrel-a-day boost for November. Some market watchers were expecting the group, led by Saudi Arabia and Russia, to increase production by more than planned due to a spike in natural gas prices that's led to greater demand for crude and oil products ahead of winter.

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