WTI crude oil futures climbed 1.3% to $61.7 per barrel on Monday after OPEC+ agreed to a smaller-than-expected production increase, easing fears of a major supply surge. The group, which includes Saudi Arabia and Russia, said it would raise output by just 137K barrels per day in November matching October's increase despite earlier reports suggesting a much larger boost.

The restrained move came amid diverging views within the alliance, with Moscow favoring a modest rise to protect prices and Riyadh pushing for a more aggressive expansion to reclaim market share. Prices were further supported by reports of a fire and drone attack that halted operations at Russia's Kirishi refinery, heightening concerns about supply disruptions. Still, analysts warned that weak demand fundamentals, rising Middle Eastern exports, and expectations of an oversupplied market through 2026 could limit upside momentum.

Source: Trading Economi