The OPEC bloc of oil-producing nations announced Monday that it will extend oil production cuts through the end of 2024, spurring a 2 percent increase in the price of U.S. benchmark West Texas Intermediate crude oil.

Though the cartel did not identify a reason for the extension, the cuts are widely viewed as an effort by the bloc to shore up the market amid a period of increased supply and weaker demand.

OPEC Secretary-General Haitham Al Ghais dismissed concerns about lower demand in the year ahead, telling CNBC Monday that “I think........

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