Crude oil prices rose more than 1% at the start of trading in the European session today, Monday, October 6, the opening session of the week, after OPEC+ decided to increase production less than expected over the weekend. This supported crude oil markets, with Brent crude rising by about 1.21%, trading at $65.31 per barrel, while US crude (NYMEX) is trading at $61.64 per barrel, up about 1.25%.
Eight OPEC oil-exporting countries and their non-OPEC producing allies, led by Russia, in the so-called OPEC+ alliance (Saudi Arabia, Russia, Iraq, the UAE, Algeria, Kazakhstan, Oman, and the UAE) decided yesterday, Sunday, to increase production by $137,000 for November, the same increase as in October. This is a modest increase compared to expectations, which were double the number. The organization’s statement indicated that this increase comes in light of the stable global economic outlook and the current good market fundamentals, reflected in oil inventories.