Oil futures ended higher Monday after a news report said the Organization of the Petroleum Exporting Countries and its allies may not stick to a plan to continue slowly boosting production in a possible response to the Biden administration’s efforts to organize a coordinated release of crude from reserves of major oil-consuming nations. West Texas Intermediate crude for January delivery rose 81 cents, or 1.1%, to close at $76.75 a barrel on the New York Mercantile Exchange. Bloomberg reported that OPEC+ members were poised to rethink their timetable for raising output, which has proceeded in monthly increments of 400,000 barrels a day, if there is a release from strategic reserves. Bloomberg also reported that President Joe Biden could announce an SPR release as early as Tuesday.
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