Oil rates climb by over $1 on OPEC+ result trek hold-up

BEIJING (Reuters) – Oil rates increased by greater than $1 in very early trading on Monday after OPEC+ claimed on Sunday it would certainly postpone an intended December result walk by one month.

Brent futures increased by $1.14 per barrel, or 1.56%, to $74.24 a barrel. UNITED STATE West Texas Intermediate (WTI) crude likewise increased by $1.14 a barrel, or 1.64%, to $70.63.

OPEC+, that includes the Organization of the Petroleum Exporting Countries plus Russia and various other allies, resulted from raise result by 180,000 barrels daily (bpd) in December.

(Reporting by Colleen Howe; Editing by Kim Coghill)