Oil prices rose nearly 3% on Monday after OPEC+ postponed a planned output increase, while markets prepared for a week of significant events, including the U.S. presidential election and a key Chinese policy meeting.

Brent crude rose 2.71% to $75.08 per barrel, and U.S. West Texas Intermediate gained 2.85% to $71.47.

OPEC+ extended its 2.2 million bpd production cut into December, delaying an increase due to weak demand, CNBC has reported.

Market volatility is expected as investors watch for U.S. election results, central bank rate decisions, and potential responses from Iran to recent tensions with Israel.

Written by B.C. Begley