Crude Oil surges after OPEC confirms delay of supply restart

Crude Oil opens a gap on Monday, surging above $71.00 in European trading hours. 

The sharp move comes after OPEC has agreed to delay its 180,000 barrels production increase to December. 

The US Dollar Index is looking for support after polls show slight favor for Harris to win. 

Crude Oil price sprints higher on Monday on the back of an OPEC statement in which the Oil cartel says it has agreed to delay its foreseen production restart until at least December. Previously, the group was set to add 180,000 barrels a day from October but after the announcement, this won’t happen before the end of December, limiting supply excesses for the last few months of 2024.

The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is dipping on Monday. The main driver is the US presidential election after polls from ABC News/Ipsos showed Vice President Kamala Harris leading by a 49%-46% gap nationally while The New York Times/Siena survey showed Harris ahead in five of the seven swing states.