Crude oil futures are rising Monday after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday extended their output cuts by one month.

While no reason was given for the move, it comes ahead of the US presidential elections on Tuesday.

Geopolitical uncertainty will probably garner the lion’s share of the blame for OPEC+’s decision to once again delay raising crude oil output, but weak demand, especially in Asia, is more significant.

USD/CAD offers gains from the previous two days, trading around 1.3900 during the Asian hours on Monday.

West Texas Intermediate (WTI) Oil price appreciated more than 1% on Monday, trading around $70.20 per barrel during Asian hours.

A larger group called OPEC+, consisting of OPEC members plus other oil-producing countries, have agreed to extend their oil production cut to 2.2 million barrels per day (bpd) until the end of December 2024.

Saudi Arabia, which leads the group, appears wary of unsettling markets just before the U.S. presidential election on Tuesday.

Crude markets have largely shrugged off a year of conflict in the Middle East

(Bloomberg) — OPEC+ agreed to push back its December production increase by one month, the second delay to its plans to revive supply as prices continue to struggle amid a fragile economic outlook.