Oil gushes to highest since 2014

NYMEX crude is nearing $78 per barrel

Global crude prices surged to multiyear highs on Monday after OPEC stood firm in keeping production at current levels. 

NYMEX crude closed up 2.29% to $77.62 per barrel, the highest level since November 2014. 

TECH STOCKS HAMMERED AS NASDAQ FALLS 2.1%

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 49.63 -6.25 -11.18%

Brent crude, the global benchmark, jumped 2.50% to $81.26 — the highest since October 2018.

Gas prices continue to climb with the latest average hitting $3.20 per gallon, as tracked by AAA. 

Ticker Security Last Change Change %
BNO UNITED STS BRENT OIL FD LP UNIT 19.43 -2.29 -10.54%

In a statement, OPEC and non-OPEC participating countries "reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of November 2021, as per the attached schedule." 

Edward Moya, senior market analyst for the Americas, warned prices could go even higher. 

"OPEC+ is slowly turning into the villain for the global economic recovery.  Higher oil prices are coming and the energy traders could easily see $90 oil on any surprise disruption to output, a colder autumn, or the unleashing of pent-up travel demand if COVID cases continue to fall," he said in a reasearch note. 

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Recently, Goldman Sachs told clients oil could hit the $90 per barrel level.