Oil leaps as OPEC+ stick to production policy

Oil prices on Monday hit seven-year high after OPEC+ opted to adopt their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November.
Crude prices jumped by three per cent, or $2.32, to $78.17 on the New York Mercantile Exchange, the highest since 2014.
The Brent international benchmark hit a new 3-year high at $81.48, reflecting an increase of 2.8 per cent. It rose 1.5 per cent last week for its fourth consecutive weekly gain and was back up to highs last seen in 2018.
Energy commodities are hitting record prices around the globe, boosted by a strong cyclical recovery and a lack of investments over the previous years.
Brent oil prices are up more than 50 per cent year to date to circa $80 per barrel, natural gas prices in UK almost quadrupled to 200p/th while thermal coal prices are well on track to triple at $220/t.