Oil prices rise with OPEC+ approval to increase production at a slower pace of October

Written by Yuka Opishi

TOKIO (Reuters) -Oil prices increased on Monday early in trade, which led to losses last week, after OPEC+ agreed at the end of the week to raise production more, but at a slower pace than October due to the weakening of the expected global demand.

Brent crude gained 23 cents, or 0.4 %, to $ 65.73 a barrel by 2213 GMT, while crude in West Texas rose 21 cents, or 0.3 %, to $ 62.08 a barrel.

Both standards fell more than 2 % on Friday, as the US job report was weak and stopped expectations for energy. They lost more than 3 % last week.

OPEC+, which includes the organization of oil -exporting countries in addition to Russia and other allies, agreed to increase oil production from October with its Saudi leader pushing its share in the market, with slowing the pace of increases compared to the previous months.

OPEC+ increased production since April after years of cuts to support the oil market, but Sunday’s decision to produce production was a surprise amid an oil abundance that waved on the horizon in the winter months in the northern hemisphere.

On Sunday, eight members of OPEC+ approved at an online meeting to raise production from October from 137,000 barrels per day, as he put it, in a statement, much less than the monthly increases of about 555,000 barrels per day for the month of September, August and 411,000 barrels in July and June.

(Participated in Yuka Obishi reports; edited by Diane Kraft)