Oil in New York rose to the highest since 2014 as an OPEC+ panel recommended proceeding with gradual supply hikes amid a rapidly tightening market.
Futures jumped as much as 1.8% after the Joint Ministerial Monitoring Committee advised a 400,000-barrel-a-day increase in November, several delegates said. The meeting will be followed by a full ministerial gathering to review the recommendation.
The market has tightened significantly following the economic recovery from the pandemic and supply disruption in the Gulf of Mexico due to Hurricane Ida. Surging natural gas prices have also raised the prospect of increased demand for oil products for power generation and are boosting inflationary pressures on the global economy.