Khaberni - Oil prices rose by approximately 1.5% on Monday, after the OPEC+ alliance announced a monthly production increase that was smaller than expected, easing some concerns about an oversupply, though analysts anticipate that gains will be limited in the near term due to weak demand expectations.
Brent crude futures rose by 91 cents, equivalent to 1.4%, to $44.65 per barrel by 03:15 GMT, while West Texas Intermediate crude in the U.S. climbed 89 cents, or 1.5%, to $61.77 per barrel.
The OPEC+ alliance announced yesterday, Sunday, that it would increase oil production in November by 137,000 barrels per day, the same modest increase it made in October amidst ongoing concerns of an imminent surplus.
Before the meeting, sources reported that Russia was advocating for an increase of 137,000 barrels per day to avoid putting pressure on prices, whereas Saudi Arabia preferred an increase two to three times or even four times this number to regain its market share more quickly.
