Crude oil futures closed higher on Monday in the early morning of Beijing time, with US WTI crude oil hitting its highest closing price since 2014. OPEC and its allies have decided to maintain the current agreement to gradually increase crude oil production every month.

Peter McNally, global head of industry, raw materials and energy at Third Bridge, said: "after a sharp reduction in production in the second quarter of 2020, the OPEC+ oil-producing group has only gradually increased its supply to the market, while market demand is expected to recover fully in 2022."

On Monday, the Organization of Petroleum Exporting countries (OPEC) and its allies (OPEC+) reiterated their July statement that they expected not to increase production in November, but to increase oil production by 400000 b / d in November. At its July meeting, OPEC+ said it would increase its crude oil production by 400000 barrels a day from August until production fully returned to last year's pre-cut levels.

West Texas Intermediate (WTI) futures for November delivery on the New York Mercantile Exchange rose $1.74, or 2.3%, to close at $77.62 a barrel, the highest closing price since November 11, 2014.

Europe as an international crude oil benchmarkIntercontinental Exchange IncThe December Brent contract rose $1.98, or 2.5%, to close at $81.26 a barrel, the highest closing price since October 16, 2018.