TortoiseEcofin Portfolio Manager Rob Thummel in Bloomberg News

Oil Surges to Highest Since 2014 as OPEC Sticks to Supply Plan

Oil in New York jumped to the highest since 2014 with OPEC+’s decision to maintain a gradual supply hike even as a natural-gas crisis boosts crude demand.

U.S. crude futures advanced as much as 3.3% on Monday. OPEC+ ministers ratified the 400,000 barrel-a-day supply hike scheduled for November, according to a statement from the group. The decision comes as the world’s biggest oil company, Saudi Aramco, said the global natural-gas shortage has boosted demand for crude by 500,000 barrels a day.

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