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Oil prices climbed in early Asian trading on Monday, trimming last week’s losses as OPEC+ agreed to raise production at a slower pace starting in October, reflecting expectations of weaker global demand.
Brent crude rose 34 cents, or 0.5%, to $65.84 a barrel by 0047 GMT, while U.S. West Texas Intermediate (WTI) gained 30 cents, or 0.5%, to $62.17. Both benchmarks had dropped more than 2% on Friday following a disappointing U.S. jobs report, finishing the week down over 3%.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, decided to increase production by only 137,000 barrels per day (bpd) from October. This is significantly below the monthly hikes of around 555,000 bpd in August and September and 411,000 bpd in June and July. Analysts said the smaller increase signals caution as the market faces the risk of oversupply heading into the winter.
“The oil market rebounded slightly, supported by relief over OPEC+’s modest output hike and a technical bounce following last week’s decline,” said Toshitaka Tazawa, analyst at Fujitomi Securities. He added that potential new U.S. sanctions on Russia could tighten supply, but downside pressure remains as OPEC+ continues gradual increases.
Meanwhile, geopolitical tensions escalated as Russia launched its largest air assault since the start of the war in Ukraine, striking central Kyiv and killing at least four people, including an infant. U.S. President Donald Trump said European leaders would meet with him this week to discuss the crisis, expressing optimism about a resolution despite growing violence.
The European Union remains committed to phasing out Russian oil imports by 2028, its energy chief confirmed, noting no pressure from Washington to accelerate the timeline.
