Med crude-Urals diffs stable, OPEC+ delays output hike
MOSCOW, Nov 4 (Reuters) -Urals crude oil differentials to dated Brent were stable, while global oil prices climbed nearly 2% on Monday on OPEC+'s decision to delay a planned December oil output increase by a month.
Members of OPEC+ were due to raise output in December as part of a plan to gradually unwind the group's most recent layer of output curbs, but agreed to delay production rise, as weak demand notably from China and rising supply outside the group maintain downward pressure on the oil market.
PLATTS WINDOW
No bids or offers were shown for Urals, Azeri BTC or CPC Blend in the Platts window on Monday.
NEWS
OPEC is very positive on demand for oil in both the short and long term, Secretary General Haitham Al Ghais said at an energy industry event in Abu Dhabi on Monday.
OPEC oil output rebounded in October from its lowest this year the previous month as Libya resolved a political crisis, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain.
Reporting by Reuters; Editing by Shilpi Majumdar
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