Oil prices climbed nearly 3% on Monday on OPEC+'s decision for a month's delay in plans to increase output, while investors also focused on the U.S. presidential election.

Oil futures finished sharply higher Monday after OPEC+ said it would wait another month before beginning to unwind voluntary production cuts. Natural-gas prices also rallied as a potential hurricane looked to be heading into the Gulf of Mexico.

Oil prices opened $1 dollar higher following the weekend to trade at 73.80 a barrel when markets opened. Click to read.

OPEC+ has agreed to delay a planned December oil output increase by one month, the group said on Sunday, as weak demand notably from China and rising supply outside the group maintain downward pressure on the oil market.