Oil Extends Rally, Jumps 2 Percent After OPEC Delays Production Hike Again

‘I think there’s a bit too much doom and gloom and pessimism in terms of the demand outlook,’ OPEC chief says.

The sun behind a crude oil pump jack in the Permian Basin in Loving County, Texas, on Nov. 22, 2019. Angus Mordant/Reuters

Crude oil prices extended their rally to kick off the trading week, buoyed by news that OPEC will delay a production hike again.

December West Texas Intermediate futures surged by more than 2 percent to above $71 per barrel on Nov. 4 on the New York Mercantile Exchange.