Oil Gains on Easing Supply Fears After OPEC+ Decision

Oil prices rose nearly 1% on Wednesday as investors shrugged off concerns about oversupply after digesting a decision earlier by OPEC+ to limit production increases next month.

Brent Crude futures gained 63 cents, or 0.96%, to $66.08 per barrel, while US West Texas Intermediate (WTI) crude rose 66 cents, or 1.07%, to $62.39.

The benchmarks had settled broadly flat in the previous session as traders weighed signs of a potential supply glut against the smaller-than-expected output increase announced by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.