Oil at 7-year high after OPEC+ decides on cautious increase

By DAVID McHUGH and AAMER MADHANI
Associated Press

FRANKFURT, Germany (AP) — Oil prices have jumped after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November. The decision Monday by the Vienna-based oil cartel tracks with its established schedule of adding back that amount of oil every month until the cuts made during the depth of the pandemic recession are restored. The decision comes amid tighter oil markets, as driving and flying pick up thanks to the easing of COVID-19 restrictions. Oil prices rose on the news.