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.

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.

The U.S. government’s auto safety regulator has ended a 2 1/2-year investigation into Ford engine failures after the company replaced engines or extended the warranty on some vehicles.