Oil gains most in a month as OPEC+ hints at delay to output hike

Oil advanced the most in a month in New York as broader markets rallied and OPEC+ inched closer to delaying a planned easing of output cuts. U.S. benchmark crude futures climbed as much as 4.1%, extending gains from Monday’s rally. Oil took its cue from stronger equities as millions of Americans headed to vote on election day. A weakening dollar also boosted the appeal for commodities priced in the currency, with the Bloomberg Dollar Spot Index falling as much as 0.7%. OPEC and its allies will “accelerate” the recovery in oil markets at their next meeting, the group’s top official said, in another hint about a potential delay to a production hike scheduled for January. Algeria said that — along with Saudi Arabia, Russia and Iraq — it’s trying to persuade the rest of OPEC+ to extend current supply cuts, state-run news agency APS reported.