Oil prices rose by about 1.5% on Monday after the OPEC+ alliance announced a monthly production increase smaller than expected, easing some concerns about supply abundance. However, analysts expect gains to be limited in the near term due to weak demand forecasts.
اضافة اعلان
Brent crude futures rose 91 cents, or 1.4%, to $44.65 per barrel by 03:15 GMT, while U.S. West Texas Intermediate crude increased 89 cents, or 1.5%, to $61.77 per barrel.
On Sunday, the OPEC+ alliance announced it would raise oil production by 137,000 barrels per day in November, the same modest increase implemented in October, amid ongoing concerns about an imminent oversupply.
Ahead of the meeting, sources reported that Russia had been calling for a 137,000-barrel-per-day increase to avoid price pressure, while Saudi Arabia preferred a two- to four-fold increase to regain its market share more quickly.
Reuters
