(MENAFN) Oil prices saw an increase on Monday, buoyed by a decision from OPEC+ countries to extend production cuts and postpone output increases. This rise was further supported by market anticipation surrounding the upcoming U.S. presidential elections, which added an extra layer of complexity to the oil market dynamics.

The international oil benchmark, Brent crude, rose by 2.2 percent, reaching USD74.42 per barrel as of 11:28 a.m. local time (0828 GMT), a notable increase from the previous session's closing price of USD72.84. Similarly, the U.S. benchmark, West Texas Intermediate (WTI), experienced a gain of 2.4 percent, climbing to USD70.77 per barrel, compared to its prior session's close of USD69.10. These upward movements reflect market reactions to production decisions made by major oil-producing nations.

The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) along with other leading producers, announced on Sunday its intention to maintain production cuts of 2.2 million barrels per day until December. Originally, the group had been anticipated to increase production by 180,000 barrels daily starting in December, but the decision to continue the cuts has helped bolster oil prices amid ongoing supply constraints.

Additionally, the dollar index weakened as the U.S. approached the presidential elections on November 5, which influenced oil prices positively. The decline in the U.S. dollar against other major currencies makes oil more affordable for buyers utilizing those currencies, potentially driving up demand. The dollar index fell by 0.54 percent, reaching 103.637. According to the latest polls, the race remains tight between former U.S. President Donald Trump and Democratic candidate Kamala Harris, adding further uncertainty to the market.

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