Crude oil prices rose at the start of trading on Monday, December 1st, the first session of the week, after OPEC+ reaffirmed its commitment to suspend production increases in the first quarter of next year at its meeting on Sunday. This supported crude markets as concerns about oversupply eased, while supply concerns increased due to escalating tensions between the United States and Venezuela. Brent crude rose by approximately 1.91%, trading at $63.57 per barrel, while US crude (WTI) traded at $59.72 per barrel, up by about 2.01%.

This occurred at the beginning of the European session, the first trading session of the week, after OPEC+ confirmed its decision to suspend production increases in the first quarter of next year at its meeting held over the weekend. OPEC and its allies, led by Russia, in the OPEC+ alliance, decided on Sunday to reaffirm their commitment, made at the previous meeting, to suspend production increases in the first quarter of next year due to seasonal factors. The voluntary cuts of 1.65 million barrels per day may be partially or fully reinstated gradually, depending on market developments.

Meanwhile, tensions between Venezuela and the United States escalated. US President Donald Trump declared that the airspace over Venezuela and its surrounding region should be considered closed, while Venezuelan President Nicolás Maduro accused Washington of planning to use military force to seize Venezuelan oil.

The Caspian Pipeline Alliance also announced the suspension of its operations after a Ukrainian drone damaged a berth at its Russian terminal on the Black Sea, contributing to increased supply concerns and further supporting rising crude prices.