22.11.202119:13:00UTC+00Oil Futures Settle Notably Higher

Crude oil futures settled higher on Monday despite rising concerns about the outlook for energy demand due to a surge in coronavirus cases in several countries, and likely oversupply in the market.

Oil prices surged higher on reports that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, may consider altering plans to keep boosting production if the U.S. and major Asian countries China, India and South Korea released oil from national reserves.

West Texas Intermediate Crude oil futures for December settled higher by $0.81 or about 1.1% at $76.75 a barrel.

Brent crude futures were up $0.72 or 0.91% at $79.61 a barrel a little while ago.

The U.S., as well as India, Japan, China and South Korea are reportedly working out plans to release crude from national reserves, aiming to curb rising crude oil prices.

Japan is considering releasing oil from its reserves long with the United States and other countries to help curb rising crude oil prices, Prime Minister Fumio Kishida said Saturday.

"We are considering what we can do," Kishida told reporters in Matsuyama, Ehime Prefecture, when asked about the possibility.

China also said it intends to release some reserves as the White House pressed the OPEC producer group again to boost output.