Oil prices rise modestly as OPEC+ announces October production hike
Oil prices gained over $1 on Monday, recovering some of last week’s losses, after OPEC+ signaled a modest increase in output starting October. The eight OPEC+ members will raise production by 137,000 barrels per day—far less than previous monthly increases—limiting the impact on global supply.
Brent crude rose 1.7% to $66.63 a barrel, while U.S. West Texas Intermediate climbed 1.7% to $62.89. Analysts noted that some of the additional output reflects barrels already on the market, and concerns over potential new U.S. sanctions on Russian crude also provided upward pressure, News.Az reports, citing Reuters.
OPEC+ has been steadily raising production since April following years of cuts, but a likely oil surplus in the Northern Hemisphere winter may temper gains. Meanwhile, geopolitical tensions persist as Russia launched its largest airstrike on Ukraine in the war so far, and U.S. President Donald Trump prepares potential further sanctions on Russian oil buyers.
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