Oil Rises After OPEC+ Production Increase Seen Less Than Feared — Market Talk

Oil rises in the early morning Asian session. Eight OPEC+ members led by Saudi Arabia said they would boost production by 137,000 barrels/day in November, the same as in October, the group said Sunday. "The relatively modest increase came after reports last week suggested the possibility of a more aggressive reintroduction of supply," NAB's Taylor Nugent says in commentary. Speculation of a bigger supply increase and oil-demand concerns had caused Brent crude oil to fall nearly 8% over last week, the senior economist adds. Front-month WTI crude oil futures are 1.1% higher at $61.53/bbl; front-month Brent crude oil futures are 1.05% higher at $65.21/bbl. (ronnie.harui@wsj.com)