FX.co ★ Oil Rises After OPEC+ Signals Pause in Output Hikes

West Texas Intermediate (WTI) crude oil futures climbed to $61.3 per barrel on Monday, marking their fourth consecutive session of positive movement. This rally followed OPEC+'s announcement that it would halt any planned increases in production during the first quarter of the coming year, although an additional boost is scheduled for next month. During a meeting on Sunday, the oil producers' coalition agreed to increase output by 137,000 barrels per day in December, consistent with the increments made in October and November. Despite these upcoming enhancements, OPEC+ plans to maintain current production levels from January through March, attributing the decision to seasonal factors, which alleviates concerns about potential oversupply. Price support continues to be bolstered by ongoing risks associated with Russian oil supply due to recent U.S. sanctions targeting major Russian oil companies, Rosneft and Lukoil, as well as unresolved threats to Russian energy infrastructure. Over the recent weekend, a Ukrainian drone assault resulted in damage to a tanker and ignited a fire at a major oil terminal in the pivotal Russian Black Sea port of Tuapse.