Crude oil prices up 1% on Monday after OPEC+ didn’t increase output as much as feared

Crude oil prices rose 1% on Monday and Oklahoma energy stocks also entered positive territory after the OPEC+ November increase in output wasn’t as big as some feared.

The increased production was considered “modest” according to some analysts who explained the production increase actually tempered concerns about oversupply worldwide.

Reuters reported that on Sunday, the Organization of the Petroleum Exporting Countries, plus Russia and some smaller producers, said it would raise production from November by 137,000 barrels per day, matching October’s figure, amid persistent concern over a looming supply glut.

West Texas Intermediate crude finished up 81 cents or 1.33% to settle at $61.69 a barrel on the New York Mercantile Exchange.

Brent  crude futures settled 94 cents, or 1.46%, higher at $65.47 a barrel.

Natural gas prices also finished up for the day, rising $0.077 or 2.32% to close at $3.401 MMBtu.

The opening trading of the week proved to be good for most Oklahoma energy stocks as they recorded gains, including a more than 9% boost for Stardust Power. SandRidge Energy gained more than 3% for the day.