Oil prices rose in early trading on Monday, recouping last week’s losses after OPEC+ agreed earlier this week to raise production, but at a slower pace starting in October amid expectations of weaker global demand.
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Brent crude gained 23 cents, or 0.4%, to reach $65.73 a barrel by 22:13 GMT, while U.S. West Texas Intermediate (WTI) crude rose 21 cents, or 0.3%, to $62.08 a barrel.
Both benchmarks fell more than 2% on Friday as a weak U.S. jobs report weighed on energy demand expectations. They lost more than 3% over the past week.
OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) with Russia and other allies, agreed to increase oil production from October, while Saudi Arabia – the group’s top producer – seeks to regain market share, but at a slower pace compared with previous months.
The group has been ramping up output since April after years of cuts to support the oil market. However, Sunday’s decision to raise production came as a surprise, amid looming expectations of an oil supply glut during the winter months in the Northern Hemisphere.
(Reuters)
