Oil futures saw strong gains Monday after the Organization of the Petroleum Exporting Countries said members would wait yet another month before beginning to unwind production cuts.

Oil prices rose after OPEC and its allies pushed back a planned production increase by a month, signaling caution amid growing concerns about weaker global demand and lower prices.

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

Developments in the Middle East have and worries about the prospects for global demand have fueled volatile trading in the oil market in recent weeks and that makes an upcoming decision by major oil producers known as OPEC+ even more complicated.

Most major stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output increase by one month.

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 rose by more than $1 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month due to soft demand and rising supply outside the group.