Oil gains on weaker dollar after OPEC+ edges toward taper delay

Oil gained, following a broader risk-on sentiment in markets and as OPEC+ inches closer to delaying a planned easing of output cuts.

Futures in New York rallied near $38 a barrel after rising 2.9% in the previous session. Equities were rallying ahead of the US election, while the dollar lost almost 0.5%, adding to positive sentiment in crude.

On Monday, Energy Minister Alexander Novak met with Russian producers to discuss delaying an easing of production cuts by three months. The Organization of Petroleum Exporting Countries and its allies have been dropping hints for weeks that its plan to add almost 2 million barrels a day of supply from January is being reconsidered as demand falters.