Crude oil prices rose at the start of trading in Europe on Monday, November 3rd, the opening session of the week, following OPEC+’s decision to increase production and suspend further increases in the first quarter of next year. This decision, made at a meeting held over the weekend, supported crude markets and eased concerns about oversupply. Brent crude rose by approximately 0.42%, trading at $65.04 per barrel, while US crude (WTI) traded at $61.24 per barrel, up by about 0.41%.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, in the OPEC+ alliance, decided on Sunday to increase production by 137,000 barrels per day in December, as expected, matching the increases in October and November. They also announced the suspension of production increases in the first quarter of next year due to seasonal factors, and stated that the voluntary production cuts of 1.65 million barrels per day could be partially or fully reinstated gradually, depending on market developments.

Morgan Stanley raised its forecasts for US crude and Brent crude prices following the OPEC+ decision, seeing Brent crude prices at $60 in the first half of next year, compared to $57.5 in its previous estimates.