World crude prices rose on Monday after the Organization of the Petroleum Exporting Countries and its allies, Opec+, decided to postpone a planned output increase in the first quarter of 2026.
The decision was seen as easing concerns about a global oversupply of crude, pushing up prices.
Brent crude futures rose 24 cents, or 0.37%, to $65.01 a barrel, while U.S. WTI crude rose 21 cents, or 0.34%, to $61.19 a barrel.
Opec+ agreed to raise output by 137,000 barrels per day in December but will temporarily pause the increase between January and March 2026 due to seasonal factors.
ING head of commodity research Warren Patterson said the decision showed awareness of a supply glut expected early next year due to uncertainty over U.S. sanctions on Russian oil.
RBC Capital chief strategist Helima Croft said Russia remained a key factor after Washington imposed sanctions on Rosneft and Lukoil and a Ukrainian drone strike on the Tuapse oil port in the Black Sea.
Brent and WTI prices had each fallen more than 2% in October, marking three straight months of declines on concerns about oversupply and economic pressure from US trade tariffs.
Analysts expect oil prices to remain stable as rising OPEC+ output and slowing demand offset geopolitical risks to global supply.
