Oil prices climbed on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, which eased rising fears of a supply glut, but weak factory data in Asia capped the gains.
Brent crude futures rose 24 cents, or 0.37%, to $65.01 a barrel by 0424 GMT after closing 7 cents higher on Friday.
U.S. West Texas Intermediate crude was at $61.19 a barrel, up 21 cents, or 0.34%, after settling up 41 cents in the previous session.
The Organisation of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise output by 137,000 barrels per day in December, the same as for October and November.
“Beyond December, due to seasonality, the eight countries also decided to pause the production increments in January, February, and March 2026,” the group said in a statement.
