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Nov. 4, 2021, 10:56 a.m. EDT

Oil futures extend gains as OPEC+ holds steady on output increase

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By Myra P. Saefong

Oil futures traded higher on Thursday after the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, reaffirmed their previous decision on production levels, and said the group will raise the monthly overall production by 400,000 barrels per day in December. The decision to hold steady to previous production plans was "no surprise to the markets," said Andy Brogan, global oil and gas leader at professional services network EY. "The group's strategy, as demand has recovered from the pandemic, has been quite successful and there was no compelling reason for them to change course." December West Texas Intermediate crude rose 81 cents, or 1%, to trade at $81.67 a barrel on the New York Mercantile Exchange, following a loss of 3.6% on Wednesday. January Brent crude climbed by $1.01, or 1.2%, at $83 a barrel.

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