Oil prices in New York jump 2.9% on postponement of OPEC+ production, weak dollar

Oil prices in New York jumped nearly 3% as the dollar weakened, with OPEC+, a consultative body between the Organization of Petroleum Exporting Countries and major oil producers, delaying plans to increase production again.

On the New York Mercantile Exchange, West Texas Intermediate for December delivery closed at $71.47 a barrel, up $1.98 and 2.85% from the previous session.

Brent crude oil for January delivery, which is being compared in international markets, closed at $75.08 a barrel, up $1.98 and 2.71% from the previous session.

The move is believed to have been influenced by OPEC+'s announcement on the 3rd that it will postpone the gradual increase in production until the end of December for another month.

The dollar weakened as a perception spread that Vice President Kamala Harris' chances of winning had rebounded, which is why a drop in the dollar's value could boost demand for crude among buyers using other currencies.