Energy-related exchange traded funds climbed on Monday on expectations of improving demand and a slower production increase out of the Organization of Petroleum Exporting Countries.

On Monday, the ALPS Alerian MLP ETF (NYSEArca: AMLP) increased 2.0% and the JPMorgan Alerian MLP Index ETN (NYSEArca: AMJ) advanced 2.6%. The more widely observed Energy Select Sector SPDR Fund (NYSEArca: XLE) was 1.7% higher.

Meanwhile, the United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, were up 0.7% and 1.0%, respectively, on Monday. Western Texas Intermediate crude oil futures were up 0.5% to $84.0 per barrel, and Brent crude gained 1.0% to $84.5 per barrel.

Oil prices are expected to remain at elevated levels of $80 toward the end of the year as tight supplies and higher gas bills fuel a switch to crude for power generation, Reuters reports.

“We feel that their position will be one where the status quo will be maintained while a ‘wink and a nod’ will be provided in accepting violation of quotas should Brent values gravitate back up into new 7-year high territory,” Jim Ritterbusch, president of Ritterbusch and Associates LLC, told Reuters.

Meanwhile, OPEC and its allies, or OPEC+, is sticking to its planned output increases, but supplies have only risen 140,000 barrels per day last month due to difficulties in Angola and Nigeria, Bloomberg reports. OPEC+ was projected to hit a 400,000 barrel per day production increase at its upcoming November 4 meeting.

The elevated oil prices have caused global leaders like President Joe Biden to urge OPEC and its allies to alleviate the surging fuel prices by raising output.

The combination of a rebound in fuel consumption with a growing global economy and ongoing supply issues have contributed to a global energy crunch that has forced energy prices up across the board and added to inflation fears.

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