Oil closes higher, Brent exceeds $75

Oil closed higher today, Nov. 4, in line with a decline in dollar and after OPEC+ postponed output increase plan by a month. Crude prices hit the highest levels in nearly 10 days.

Brent crude futures for January delivery rose 2.7%, or $1.98, to $75.08 a barrel, the highest level since Oct. 25.

WTI crude futures for December delivery rose 2.9%, or $1.98, to $71.47 a barrel, also the highest level since Oct. 25.

The dollar index, which measures its value against a basket of major currencies, fell 0.40% to 103.88 points, at 11:29 pm Makkah time.

Over the weekend, the OPEC+ alliance agreed to postpone the decision to increase oil production by one month. The rollback of some voluntary production cuts will effect in January instead of December, when supplies are set to increase by 180,000 barrels per day.

OPEC Secretary General Haitham Al-Ghais said that global demand for oil will not peak anytime soon as global growth continues, adding that the organization has a very positive view of demand in the short and long term, despite some challenges.

Meanwhile, a Reuters survey revealed that OPEC member states collectively pumped 26.33 million barrels per day last month, an increase of 195,000 barrels per day from September level.