WTI crude oil futures are sharply higher on Monday morning in Asia as the OPEC+ agrees to halt the Oil output increase from the first quarter of 2026. The counter is quoting at $50.49 per barrel, up 1.61% as the group on Sunday reportedly confirmed the three-month halt initially announced in early October, citing seasonal factors. Additionally, the OPEC+ has approved a mechanism that will assess members' maximum production capacity to be used for setting output baselines from 2027, against which members' output targets are set, report claimed. Meanwhile, firm hopes of an interest rate cut by the Federal Reserve (Fed) in its monetary policy meeting this month are also supporting the oil price. However, prospects for a Russia-Ukraine peace deal could limit gains in the commodity. In November, WTI oil futures lost almost 4%.

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