Oil prices rose in early Monday trade, recovering part of last week’s losses, after OPEC+ decided to slow the pace of output increases from October amid expectations of weaker global demand.
Brent crude gained 34 cents, or 0.5%, to $65.84 a barrel by 0047 GMT, while U.S. West Texas Intermediate crude climbed 30 cents, or 0.5%, to $62.17. Both benchmarks had dropped more than 2% on Friday after weak U.S. jobs data darkened the demand outlook, leaving them down over 3% for the week.
OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, said on Sunday it would increase output from October, though at a slower pace compared with recent months. Eight members will add a combined 137,000 barrels per day, far below the September and August hikes of about 555,000 bpd, and the 411,000 bpd rises in July and June.
“The oil market rebounded slightly, supported by relief over OPEC+’s modest output hike and a technical bounce following last week’s decline,” said Toshitaka Tazawa, an analyst at Fujitomi Securities. “Expectations of tighter supply from potential new U.S. sanctions on Russia are also lending support,” he added, though warning that “downward pressure is likely to persist as OPEC+ continues to raise production and supplies ease.”
Also Read: Oil Prices Rise as U.S. Warns India on Russian Crude
The announcement came as geopolitical risks deepened. Ukraine said Russia launched its largest air assault of the war on Sunday, setting the main government building ablaze in central Kyiv and killing at least four people, including an infant.
U.S. President Donald Trump, reacting to the escalation, told reporters he was “not happy” about the status of the conflict but expressed confidence that “the war would soon be settled.” He confirmed that individual European leaders would meet him in Washington on Monday and Tuesday to discuss efforts to end the crisis.
Meanwhile, the European Union is sticking with its plan to phase out Russian oil by 2028, EU energy chief Kadri Simson told Reuters on Friday, adding that he had not faced pressure from Washington to bring forward this deadline.
