HIBAPRESS
Oil prices rose in early Asian trading today, Monday, after the OPEC+ alliance announced the suspension of production increases during the first quarter of next year.
Brent crude futures rose 47 cents, or 0.73%, to reach $65.24 a barrel, after closing up 7 cents last Friday. West Texas Intermediate (WTI) crude also rose 45 cents (0.74%) to $61.43 a barrel, after rising 41 cents in the previous session. Eight countries within the OPEC+ alliance had agreed to increase their production quotas for December by 137,000 barrels per day compared to the production level in November, based on stable expectations for the global economy and lower oil inventories. However, the alliance decided to suspend any monthly increases in production during the months of January, February, and March 2026. It is worth noting that Brent and West Texas crude recorded declines exceeding 2% for the third consecutive month last October, reaching their lowest level in five months on October 20, amid concerns about supply abundance and economic pressures, including US tariffs.
