Oil prices rose more than 2% on Wednesday, after Reuters reported the Organization of the Petroleum Exporting Countries and their allies, known collectively as OPEC+, could delay a planned oil production increase scheduled to take effect in December by a month or more, due to concerns about soft oil demand and rising supply.
Brent crude futures gained $1.41, or 2%, to $72.53 U.S. a barrel. U.S. West Texas Intermediate crude futures edged up $1.34, or 2%, to $68.55 per barrel.
OPEC+, which includes countries such as Russia, is scheduled to raise output by 180,000 barrels per day in December. The group has cut output by 5.86 million bpd, equivalent to about 5.7% of global oil demand.
A decision to postpone the increase could come as early as next week, two of the sources told Reuters.
OPEC+ is scheduled to meet on Dec. 1 to decide its next policy steps.