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.