Oil Prices Rise As OPEC+ Output Hike Falls Short of Expectations

Oil prices climbed around 1% at Monday's close after OPEC+ announced a smaller-than-expected production increase for November, easing some supply concerns.

However, weak demand outlooks may limit further gains in the near term.

Brent Crude futures rose by 94 cents, or 1.46%, to settle at $65.47 per barrel, while US West Texas Intermediate (WTI) crude gained 81 cents, or 1.33%, to $61.69.

OPEC+ said on Monday it would raise oil output by 137,000 barrels per day in November—the same increase that applied in October—amid ongoing concerns about oversupply.